Two-factor authentication is often considered as a safer different to common passwords, or used to reinforce conventional password logins. This is as a result of it’s underneath the belief that nobody else has entry to your cellphone the place you’d obtain the one-time activation code to log into an account or confirm an motion.

However, it isn’t all the time good as a result of like we stated, if the attacker has entry to your cellphone or cellphone quantity, they’ll simply intercept the code. This is precisely what a Canadian teen did the place they tricked a provider into handing over entry to the sufferer’s cellphone quantity by means of a SIM swap assault.

Basically that is the method the place you ask a provider to ship you a substitute SIM card for no matter cause. Usually carriers must confirm you thru a sequence of questions, which implies that the teenager had entry to this data. Upon receiving the brand new SIM, the teenager managed to intercept two-factor authentication codes and logged into the sufferer’s cryptocurrency account the place $36 million price of crypto was stolen.

Police have since arrested the teenager after it was found that the stolen crypto was used to purchase a web-based username thought of uncommon within the gaming group, permitting them to determine the wrongdoer and resulting in their arrest.

Filed in General. Read extra about Cryptocurrency and Hack. Source: pcmag