Crypto Currency

The SIM Swap Fix That the US Isn’t Using

SIM swap attacks, where hackers trick or bribe a phone company employee into switching the SIM card associated with a victim's phone number. The attackers then use that hijacked number to take over banking or other online accounts. According to Tenreiro, the bank had seen more than 17 SIM swap frauds every month. The problem…


SIM swap attacks, where hackers trick or bribe a phone company employee into switching the SIM card associated with a victim’s phone number. The attackers then use that hijacked number to take over banking or other online accounts. According to Tenreiro, the bank had seen more than 17 SIM swap frauds every month. The problem was only getting worse.

“The gentleman from the bank, I could see by his face he was desperate. He wanted to do something but he didn’t know what to do,” says Tenreiro, who asked WIRED not to identify the phone carrier he worked for. “He was asking for our help. As mobile operators, we also had a responsibility to fight this fraud.”

Andy Greenberg is a WIRED security writer and author of the forthcoming book, Sandworm: A New Era of Cyberwar and the Hunt for the Kremlin’s Most Dangerous Hackers.

SIM swap hackers rely on intercepting a one-time password sent by text after stealing a victim’s banking credentials, or by using the phone number as a password reset fallback. So the phone company, Tenreiro says, offered a straightforward fix: The carrier would set up a system to let the bank query phone records for any recent SIM swaps associated with a bank account before they carried out a money transfer. If a SIM swap had occurred in, say, the last two or three days, the transfer would be blocked. Because SIM swap victims can typically see within minutes that their phone has been disabled, that window of time let them report the crime before fraudsters could take advantage.

By August of 2018, Mozambique’s largest bank was performing SIM swap checks with all the major carriers. “It reduced their SIM swap fraud to nearly zero overnight,” says Tenreiro, who serves on Mozambique’s Computer Emergency Readiness Team, and spoke about the SIM swap fraud fix at Kaspersky’s Security Analyst Summit earlier this month.

Mozambique isn’t alone in implementing that fix for the growing epidemic of SIM swap fraud, which is increasingly used for everything from hijacking Instagram accounts to stealing cryptocurrency. According to WIRED’s interviews with security firms and executives in the banking and telecom industries, companies in other countries across Africa, including Nigeria, South Africa, and Kenya—where the prevalence of mobile payments have made SIM swaps a particularly serious threat—have put similar carrier-checking remedies in place. So have the UK and Australia. But there’s one country where experts say the fix hasn’t taken hold: the US.

“This is something where Africa is ahead of us,” sa

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Crypto Currency

The Architecture of Money: Mapping Financial Power in the Age of Bitcoin

Bitcoin Magazine The Architecture of Money: Mapping Financial Power in the Age of Bitcoin Carlijn Kingma, Thomas Bollen, and Martijn Jeroen van der Linden on The Waterworks of Money, the hidden structures of finance, and bitcoin’s place in Europe’s monetary future. This post The Architecture of Money: Mapping Financial Power in the Age of Bitcoin

Bitcoin Magazine

The Architecture of Money: Mapping Financial Power in the Age of Bitcoin
Carlijn Kingma, Thomas Bollen, and Martijn Jeroen van der Linden on The Waterworks of Money, the hidden structures of finance, and bitcoin’s place in Europe’s monetary future.
This post The Architecture of Money: Mapping Financial Power in the Age of Bitcoin first appeared on Bitcoin Magazine and is written by Dennis Koch…
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Crypto Currency

Wall Street’s Bitcoin bears quietly retreated despite recent plunge toward $80,000

CFTC data for Oct. 13 show rising spread legs lifted gross longs despite fewer outright longs, without establishing spot buying. Read the full story on CryptoSlateUnderstand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox…

CFTC data for Oct. 13 show rising spread legs lifted gross longs despite fewer outright longs, without establishing spot buying.
Read the full story on CryptoSlateUnderstand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox…
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Crypto Currency

Bitcoin Price Outlook: Strive’s BTC Accumulation Could Accelerate Momentum

Strive purchased 4,045 BTC worth approximately $335 million last week, bringing its two-month accumulation to 15,462 BTC valued at $1.27 billion. With Bitcoin trading near $81,000, traders are watching $80,400 support and $82,500 resistance, while a breakdown could expose the $78,500 level…

Strive purchased 4,045 BTC worth approximately $335 million last week, bringing its two-month accumulation to 15,462 BTC valued at $1.27 billion. With Bitcoin trading near $81,000, traders are watching $80,400 support and $82,500 resistance, while a breakdown could expose the $78,500 level…
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Crypto Currency

Strategy buys another $22 million of Bitcoin, increases planned share buybacks

Strategy bought the Bitcoin dip—again. The digital asset treasury giant disclosed Monday that it added more than $22 million worth of the cryptocurrency last week, as prices swung between roughly $80,000 and $84,000. Recommended Video The latest purchase added 267 Bitcoin to Strategy’s total holdings, which are currently worth around $64 billion. The company also

Strategy bought the Bitcoin dip—again. The digital asset treasury giant disclosed Monday that it added more than $22 million worth of the cryptocurrency last week, as prices swung between roughly $80,000 and $84,000.

The latest purchase added 267 Bitcoin to Strategy’s total holdings, which are currently worth around $64 billion. The company also spent roughly $193 million buying back shares of STRC, one of its preferred stocks, which pays investors regular dividends. Its board also approved an additional $1 billion for preferred-share buybacks, bringing the total authorization to $3 billion.

Strategy’s latest acquisition comes a week after its previous purchase of $21 million worth of Bitcoin. Since August, the company has bought Bitcoin on six separate occasions, renewing its aggressive buying streak.

Its latest purchase comes amid sharp swings in Bitcoin’s price that briefly threatened to erase its gains over the past two months. In August, the cryptocurrency snapped its losing streak, climbing from roughly $63,000 to $77,000. By late September, it had topped $80,000 for the first time since May and reached a peak of about $86,000.

But over the past week, a series of tensions have fueled swings in Bitcoin’s price. Oil prices jumped Friday as attacks on shipping in the Strait of Hormuz raised fears of supply disruptions, adding to inflation concerns. Prices fell Monday after President Donald Trump waived some Russia-related sanctions and tariffs, raising hopes that more fuel would reach global markets.

Technology stocks also sold off as investors questioned whether the AI boom could last. The Nasdaq fell more than 2% Friday, but regained most of those losses by Monday morning.

But Strategy’s latest purchase shows the company is continuing to build its holdings despite the market’s swings, in line with executive chairman Michael Saylor’s long-standing preference for holding Bitcoin. “You do not sell your Bitcoin,” he said last October.

Strategy briefly departed from that stance earlier this year, however, selling Bitcoin on four separate occasions during a bear market that pushed the cryptocurrency’s price as low as $58,000 in June.

Fortune Daily breaks the traditional barrier between audience and

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