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

Read More

Be the first to write a comment.

Leave a Reply

Your email address will not be published. Required fields are marked *

Crypto Currency

Ben McKenzie Is Trying to Tell You Something

The teen heartthrob turned big-time cryptocurrency skeptic’s new documentary shouldn’t fall on deaf ears…

The teen heartthrob turned big-time cryptocurrency skeptic’s new documentary shouldn’t fall on deaf ears…
Read More

Continue Reading
Crypto Currency

Bitcoin Stalls as ETF Outflows and Iran Deal Speculation Shake Crypto Markets

Bitcoin traded near $76,900 as spot BTC ETFs lost $1.26 billion in a week, while XRP, Solana and HYPE funds drew inflows in a rotation trade amid Iran deal uncertainty. The post Bitcoin Stalls as ETF Outflows and Iran Deal Speculation Shake Crypto Markets appeared first on Crypto News Australia…

Bitcoin traded near $76,900 as spot BTC ETFs lost $1.26 billion in a week, while XRP, Solana and HYPE funds drew inflows in a rotation trade amid Iran deal uncertainty.
The post Bitcoin Stalls as ETF Outflows and Iran Deal Speculation Shake Crypto Markets appeared first on Crypto News Australia…
Read More

Continue Reading
Crypto Currency

Lawsuit Targets Dormant Bitcoin Wallets in Bid to Claim ‘Abandoned’ Crypto Fortune

A US lawsuit is testing whether dormant Bitcoin wallets can legally be claimed as abandoned property after failed owner outreach effort. The post Lawsuit Targets Dormant Bitcoin Wallets in Bid to Claim ‘Abandoned’ Crypto Fortune appeared first on Crypto News Australia…

A US lawsuit is testing whether dormant Bitcoin wallets can legally be claimed as abandoned property after failed owner outreach effort.
The post Lawsuit Targets Dormant Bitcoin Wallets in Bid to Claim ‘Abandoned’ Crypto Fortune appeared first on Crypto News Australia…
Read More

Continue Reading
Crypto Currency

Bitcoin, crypto prices tick up as US-Iran peace deal odds climb

Markets Bitcoin, crypto prices tick up as US-Iran peace deal odds climb Iranian negotiators arrived in Doha for talks, focusing on the Strait of Hormuz and highly enriched uranium, as Pakistan and Qatar are mediating. By Francisco Rodrigues| Edited by Aoyon Ashraf May 25, 2026, 4:46 p.m. 2 min read Make preferred on Share Share

Markets

Bitcoin, crypto prices tick up as US-Iran peace deal odds climb

Iranian negotiators arrived in Doha for talks, focusing on the Strait of Hormuz and highly enriched uranium, as Pakistan and Qatar are mediating.

Make preferred on

Share this article
X iconX (Twitter)LinkedInFacebookEmail

Make preferred on

U.S. President Donald Trump speaking at Mar-a-Lago. (CoinDesk)
Summary

  • Crypto prices rose as Polymarket odds for a U.S.-Iran peace deal increased to 37% this month.
  • Iranian negotiators arrived in Doha for talks, focusing on the Strait of Hormuz and highly enriched uranium. Pakistan and Qatar are mediating.
  • President Trump stated the agreement is “subject to finalization,” emphasizing a conditional tone: “a Great Deal for all or, no Deal at all.”

Crypto prices were slightly higher on Monday amid rising odds in prediction markets for a near-term U.S.-Iran peace deal, as Iranian negotiators arrived in Doha for talks.

Bitcoin gained 1.6% in 24 hours to $77,500, ether rose 1.4%, and the broader CoinDesk 20 (CD20) added 1.56%.

Traders on Polymarket pushed the probability of a permanent deal this month to 37%, up from roughly 14% on Friday. The odds for a deal are at 46% by early June and 72% by the end of July. The market has drawn roughly $178 million in volume.

The move follows a Truth Social post from President Trump on Saturday saying the framework agreement was “subject to finalization.” Iran’s chief negotiator, Mohammad Bagher Ghalibaf, Foreign Minister Abbas Araghchi, and Central Bank Governor Abdolnaser Hemmati arrived in Doha earlier today for talks, per CNN.

A diplomat briefed on the visit told CNN that the agenda is focused on the Strait of Hormuz and highly enriched uranium. Meanwhile, Iran’s foreign ministry has described the deal as a memorandum of understanding in a first phase, with broader talks over 30 to 60 days, CNBC reported. Pakistan and Qatar are mediating.

The Strait of Hormuz has been largely blockaded since the U.S. and Israel struck Iran on February 28, though traffic has partially resumed in recent days.

Crude oil fell 5.4% to $91.30 per barrel. Gold rose 1.35% to $4,570 per ounce. The dollar weakened, with the U.S. Dollar Index (DXY) falling around 0.3%.

Trump’s tone remains conditional. “It will only be a Great Deal for all or, no Deal at all — Back to the Battlefront and shooting, but bigger and stronger than ever before,” he wrote Monday.

Read more: Bitcoin trades above $77,000 as oil’s 5% slide pushes Asian equities higher

Crypto News
Crypto News

Latest Crypto News
  1. 1
    Crypto trader applies legendary HODL strategy to EUR/USD forex bet

  2. 2
    Sony secures conditional approval to set up U.S. stablecoin trust bank

  3. 3
    Two blockbuster AI IPO’s on the horizon could leave crypto further behind

  4. 4
    Bitcoin’s dwindling exchange reserves don’t pack the same bullish punch anymore

  5. 5
    Live markets: Second day of U.S, Iran conflict keeps markets volatile as oil drops

  6. 6
    Bank of Japan may speed up rate hikes, pushing borrowing costs above 2%, ex-BOJ official warns

  7. 7
    ‘CASHCAT’ trader turns $800 into over $1 million on Robinhood’s brand new blockchain

  8. 8
    XRP holds near $1.10 as traders watch long-term breakout setup

  9. 9
    Bitcoin, ether steady, gold slides as U.S.-Iran tensions escalate again

  10. 10
    Polymarket bets on U.S. marketing blitz to win back trust after 4-year ban: Report

Latest Research
STAR Report Image

SpaceX IPO Drives Tokenized Equity Volumes to Record as Stablecoin Market Cap Falls

Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.

Why it matters:

Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B.

View Full Report
More From Markets
CoinDesk

Crypto remains resilient in face of renewed Middle East tensions

Fiat currencies. (Roman Synkevych/Unsplash)

Crypto trader applies legendary HODL strategy to EUR/USD forex bet

CoinDesk

Two blockbuster AI IPO’s on the horizon could leave crypto further behind

Read More

Continue Reading