Thursday, June 20, 2019

SIM Swapping Victims Launch a Website to Prevent the Public’s Cryptocurrency From Being Stolen

Victims of SIM swapping also known as Port out scam have carried out measures to prevent hackers from gaining unauthorized access to people’s phone numbers. This is by creating a website, to create awareness, provide an educational resource, and carry out legal actions against phone carriers.

Hundreds of People Fall a Victim to SIM Swapping

A media outlet’s report reveals that hundreds if not thousands of people have been a victim of SIM swapping. This is when a hacker takes control of a person’s phone number for malicious purposes. The number can then be used to steal their social media identity or funds.

In the case of the latter, reports have been made of people’s Bitcoin and other cryptocurrencies being stolen on exchanges as a result of this impersonation. An instance of this, is Robert Ross, the founder of the who on October 26, 2018, had $1 million stolen from his Coinbase and Gemini accounts.

Founder’s Coinnbase and Gemini Wallets Get Hacked

The founder made this revelation to a media outlet, stating that AT&T had given hackers access to his mobile service. Later, he received a notification message which hinted that another device has been added to his account. Particularly, this was his Gemini account where a confirmation for the withdrawal of funds was also requested. In the same vein, his Gmail account was hacked through these actions.

Although these funds were lost, Ross has decided to educate others that may be unaware of this type of crime. He adds that there is very little information on the internet regarding this cybercrime and as such, many people are ignorant about it. This will no longer be the case given that Ross and other people have provided a standard resource to curb this crime.

Stop SIM Crime’s Website Provides Educational Resource

For starters, links to websites where more information about Put out scam has been provided. Stopsimcrime also links to Silicon Valley’s task force, Regional Enforcement Allied Computer Team (REACT). This is a team that successfully led to the arrest of Nicholas Truglia, Joel Ortiz, and Xzavyer Narvaez, three people who were accused of stealing cryptocurrency funds via SIM swapping.

In addition, the platform seeks to provide a means to allow those affected by this crime to sue service providers such as Verizon, AT&T, and Sprint. In Ross’s opinion, “I really believe this is being enabled by the carriers.” and his website also states that SIM swapping is cooperation between cybercriminals and mobile carrier.

Accordingly, the website will help to raise resources that may be required to carry out lawsuits against these companies.

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