On November 7, a security news and investigation blog KrebsOnSecurity published an interview with REACT Task Force, a California-based law enforcement group dedicated to fighting cybercrime.
As per the article, members of REACT consider “SIM swapping” one of its “highest priorities” in a bid to fight cryptocurrency fraud. Here is how fraudsters use 99 cent SIM cards bought off eBay (NASDAQ:) to steal millions worth of crypto with just one call.
- The attacker bribes or threatens a mobile store employee into assisting in the crime;
- Current and/or former mobile store employees intentionally abuse their access to customer data;
- Mobile store employees trick unsuspecting associates at other branches into swapping a victim’s existing SIM card with a new one.
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