Your CRYPTOCURRENCY is a primary target of SIM Swapping Scams

For years the telecom industry has been on notice that they are the guardians of confidential information contained on mobile devices.  Yet, these mobile phone service providers fail to put in place appropriate safeguards. Their failure is resulting in the loss of millions of dollars of cryptocurrency through something called SIM Swapping.
– Josh Migdal

How it Works

A SIM swap scam (also known as port-out scam, SIM splitting, Smishing, simjacking, and SIM swapping) is a scheme which exploits a mobile phone service provider’s ability to seamlessly port a phone number to a device containing a different SIM.  Once the swap is made your phone loses connection to the network, and the thief will receive all the SMS and voice calls intended for the you. This allows the thief to intercept all one-time passwords sent via text or telephone to verify your identity. They can now circumvent many two-factor authentication method used by bank accounts, social media accounts, or others that relies on text messages or telephone calls to your mobile. As so many services allow password resets with only access to a recovery phone number, the scam allows criminals to gain access to almost any account tied to the hijacked number. Cryptocurrency trading platforms such as Coinbase and Robinhood typically do not have the same safeguards as traditional financial institutions, making these platforms the recent target of SIM Swapping.

Actions You Can Take to Recover Losses

Although catching the thief is difficult in these cases, your mobile service provider may be liable when they swapped your number to the other SIM.

If you have lost cryptocurrency by this method we may be able to help by assessing your case at no cost and giving you an honest assessment of whether it should be pursued. Submit our action assessment form (right) and we will get back to you promptly.