Imagine logging into your bitcoin wallet one day and watching tens of thousands of dollars disappear before your eyes. Unfortunately, bitcoin theft is far too common nowadays, with thousands of victims every year. Moreover, stolen bitcoin is impossible to recover because cryptocurrency transfers are permanent on the blockchain. The best way to shield your assets is to learn about common phone hacks that scammers utilize to steal cryptocurrency.
SIM Swapping
In a SIM swapping hack, a threat actor calls your mobile service provider and tricks them into sending them a new SIM card. With your phone number, they can bypass various crypto platforms’ security protocols and drain your account. David Silver, a cryptocurrency attorney, says that after a successful SIM swapping hack, a threat actor can steal your money in less than 30 minutes.
To stop SIM swapping attacks, call your cellular service and set a security code for SIM swaps. Hackers can fool a mobile carrier with publicly available data, but they may find it hard to breach your secret code.
Social Engineering Attacks
Social engineering attacks manipulate feelings like fear, anxiety, greed, and more to deceive a target. Hackers may use your information on the Internet to make these attacks more convincing. Here are some social engineering threat vectors for cryptocurrency theft:
- Spear-phishing emails are fake emails that trick you into sharing your username and passwords.
- Smishing attacks are fake text messages that work like phishing emails.
- Vishing is when a fraudster will call you to try and steal your confidential information.
Spam
Many computer users wonder what is spam and how can it help a hacker steal my bitcoin? In short, spam is any type of unwanted online communication sent in bulk online. While most spam looks like harmless advertising, some can carry malicious Trojans created to steal your financial data.
Exploits
Vulnerabilities in your smartphone or your apps can lead to dangerous attacks that drain your digital currency. Remember, the vulnerabilities don’t have to be in your crypto trading app. Any app on your device that carries flaws or is malicious can help a hacker.
To stop exploits, download the latest security update for your smartphone and avoid logging into financial accounts from an obsolete mobile device. In addition, screen your apps to ensure they’re not malicious.
Drive-By Downloads
Dangerous websites can automatically download Trojan password stealers on your phone without your consent. Even authentic websites can do this when hackers inject malicious code in adverts in a technique called malvertising.
Malware
Hackers can use malicious software for mobile devices like spyware and keyloggers to read your usernames and passwords and break into your online wallet. Good mobile security software that stops mobile malware is a must. Another good option is to use an offline wallet.
Unfortunately, hackers can also take your bitcoin without attacking your phone by hacking your cryptocurrency platform and stealing everything. With the crypto business so new, many platforms don’t have suitable security measures. To keep your online valuables safe, protect your mobile device and only do business with reputable sources.
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