Sim swapping is the process of exchanging your cryptocurrencies for another currency with the hope of earning more in the process. While it sounds simple, there are plenty of risks involved in this sort of exchange and it's important to understand the steps associated with it in order to stay safe.
This blog post will explain what sim swapping is, how it's conducted, and what risks may be involved. For more information, you can only rely on trustworthy sites such as trading website.
What is a SIM swap?
If you have been looking into alternative currencies or crypto-currencies, you may have come across the term – SIM swap. The idea is that you can either exchange your normal currency for another cryptocurrency (or other kind of digital asset), or you can buy a cryptocurrency and exchange it for your own currency at any time.
There is a lot of confusion around this concept, so I thought I would clarify a few things for anyone who is new to cryptocurrencies or wondering if they should invest in them.
How Does a SIM-Swap Work Exactly?
SIM-swap is an app which allows you to exchange your old mobile number for a new one. This gives people with poor or no service or data coverage an opportunity to bump up their number by paying a small amount and swapping it out with another person or company.
With the introduction of the global mobile revolution, there’s never been a better time to switch carriers and as we’re all looking forward to getting rid of our old number — either by giving it up or migrating to a different platform — this post aims to help give you an idea of how SIM-swap works and which carriers offer the best deals.
How to be safe from a SIM-Swap scam?
There have been numerous recent news stories about cyber criminals swiping funds from victims' accounts without needing physical access. In some cases, criminals have even used stolen customer data to create fake bank accounts and refund requests on shipping scams.
If you have ever purchased cryptocurrency on an online exchange, there is a high likelihood that your account was victim to a cyber-attack. If you haven’t heard much about this topic, it’s because it remains relatively low-risk for most people.
However, if you do store cryptocurrency on your computer or mobile device and are concerned about cyber theft, there are few much better options than hardware wallets.
What are the risks involved in SIM swapping?
SIM swapping is a fairly easy way to increase your security on your cryptocurrency. All you need to do is get a new SIM card from your mobile provider and then exchange it with another SIM card that you own.
This gives you extra protection should any hackers try to hijack your cryptocurrency by getting their hands on your phone number or password.
Crypto is like the wild west, and there are plenty of people who would gladly sell you cards with cheats and spy features. You run the risk of your own security and that of your crypto assets being snuck out from under you… or worse yet, being stolen by a malicious actor.
If you want the best possible protection, it's best to stick to reputable exchanges and manufacturers. SIM swappers are the worst of the bunch because they remove all traces of your crypto wallet, which leaves you entirely at the mercy of whoever may be running these schemes.