Solutions > SIM Swap Attack Protection
Over $100 million dollars are being stolen every year due to SIM swap attacks.
A SIM swap attack is a type of cybercrime where an attacker fraudulently takes control of a victim's mobile phone number by convincing the victim's mobile operator to transfer it to a new SIM card under the attacker's control. Once the attacker gains control of the victim's mobile phone number, they can potentially access the victim's accounts, reset passwords, and carry out various fraudulent activities.
How a typical SIM swap attack works
Information Gathering: Attackers often gather information about their target, including the victim's phone number, carrier, and personal details. They may obtain this information through social engineering, phishing attacks, or data breaches.
Contacting the Carrier: The attacker contacts the victim's mobile carrier and poses as the victim, providing enough information to convince the carrier's customer support representative that they are the legitimate account holder.
Requesting a SIM Swap: The attacker requests a SIM card replacement or SIM swap, claiming that their current SIM card is lost or damaged. They may provide false details or claim that they got a new phone.
Verification: The carrier may use various methods to verify the requester's identity, such as asking for account details, PINs, or other security information. In some cases, attackers may have already obtained this information through earlier social engineering or phishing attacks.
Activation: Once the attacker receives the new SIM card, they activate it, taking control of the victim's phone number. This deactivates the victim's original SIM card.
Accessing Accounts: With control over the victim's phone number, the attacker can access accounts that rely on two-factor authentication (2FA) through SMS or phone calls. They can receive 2FA codes, reset passwords, and gain access to email, social media, bank accounts, cryptocurrency wallets, and other sensitive accounts.
Fraudulent Activity: With access to the victim's accounts, the attacker may engage in various fraudulent activities, such as transferring funds, stealing personal information, conducting identity theft, or impersonating the victim.
Protecting you from SIM swap attacks
Bloxtel employs digital proofs of ownership to protect you from SIM swap attacks.
Using the patented dSIM technology, the digital proof of ownership involves electronically providing evidence that demonstrates you have legal rights and control over the dSIM asset.
Think of the dSIM as the digital twin of your SIM cardAs an SMS authentication alternative, it is similar to a two-factor authentication method that does not rely on your phone number. Since the dSIM is associated with a tamper-resistant hardware token that is in your possession, it is virtually impossible for a malicious actor to swap your SIM without your knowledge and express consent even with sophisticated social engineering methods. Bloxtel is also building secure bridges with other blockchains so that you can carry your dSIMs universally with confidence.
