In order to improve user security in the wake of a number of SIM swap hacks, the crypto-based social media site FriendTech has included email verification as a choice.
In these incidents, hackers took over user phone numbers, which resulted in the loss of cryptocurrency associated with platform influencers.
SIM switch attacks entail persuading phone providers to move a victim’s number to a new SIM card under the attacker’s control. Hackers intercept calls and messages after they get control.
Six documented attacks recently resulted in cryptocurrency losses for FriendTech. Two events on October 3 resulted in a loss of $70,000, and four more incidents in the previous day caused losses of about $385,000 each.
By gaining access to phone numbers from user profiles linked to blockchain data, attackers were able to target particular FriendTech users. They were then able to carry out SIM swaps using platform profiles and data from earlier data breaches.
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