Hackers Hijack Cellphone Accounts to Steal CryptoCurrency

Recently hackers have started using a technique to steal money from cryptocurrency wallets

The NewYork Times reported on a customer named Mr. Burniske who had in his wallet cryptocurrency worth of 150,000 $ stolen from his account.

Hackers can call Verizon, AT&T whoever and use social engineering plus some personal information on the customer to ask the carrier to transfer control of a customer’s phone number to a new device and new sim card under the hacker's control, and the hacker can then use recovery tools online to get verification codes to them instead of the customers and the customers wont even know.

Cellphone carriers need to train there employees on better security protocols to verify users and add more security options like security pins or passwords.

Many cryptocurrency wallets changed there verification settings and removed sms verification option such as xapo and coinbase because once your cryptocurrency is stolen from your account you cant reverse the transaction.

In 2013, there were 1,038 incidents reported. in 2016 that number increased to 2,658.

So what you should do to evade this problem is to use TWO-Factor Authentication for your online Accounts Wherever Possible Instead of Phone Numbers