KrebsOnSecurity, a news and investigation blog in November engaged the REACT Task Force in an interview. REACT is fundamentally a law enforcement group that undertakes most of its operations in California. It pays a great deal of focus to fighting cybercrime activities. REACT says that SIM swapping is the root cause of cryptocurrency fraud.
Determination fight cybercrime
The members of REACT say that they won’t stop in their efforts to fight off cryptocurrency fraud. Reports indicate that a large number of fraudsters use SIM cards to undertake their criminal activities. In just one call, these criminals end up stealing millions worth of crypto.
A person well-conversant with the matter has described SIM swapping in a rather elaborate way. It involves manipulating a telecom provider, for instance T-Mobile. As a result of the manipulation, such a provider ends up transferring the phone number of the victim to the attacker’s SIM card.
REACT says that it is rather shocking just how kids can now end up stealing millions of dollars in crypto currencies. The criminals purchase a 99 cent SIM card of eBay eventually plugging it in a burner phone. In just a single call, the caller has the chance to steal millions of dollars and that is astounding.
A closer outlook
SIM swapping is with the passage of time becoming rather widespread. The sad bit is that quite a significant number of people across the US have launched complaints. They complain about the hijacking of their cell phone numbers in the latest scam.
The fraudsters don’t seem bothered by the fact that the REACT team undertakes much of its operations in California. That is easy to tell considering that SIM swapping happens to be an ongoing craze in the region.
REACT says that fighting this fraud is at the top of its priority list. It recognizes SIM swapping as a significant threat and that it keeps affecting more and more people as time progresses.
REACT confirms that the fraudulent activities get committed by quite a small number of people. According to the body, it is historic how a small number of people could end up stealing such high amounts.