Updated June 19, 2025.
Different kinds of scams and frauds are prevalent in the crypto world. These can range from building imposter websites and fraudulent applications to sending malicious emails and stealing and using someone else’s identity. These are the attacks that no one wants to fall victim to, so it’s very important to always be on the lookout for any potential strikes.
Apart from these, the most common attacks in the fintech space also include SIM-swapping, or what is also referred to as a SIM swap scam.
In this blog, we’ll discuss what you need to know about SIM swapping and the practical steps to take to stay ahead of scammers.
Key takeaways
If you’re a victim, act fast: contact your carrier, lock down accounts, and report it to the authorities.
SIM swapping (also known as SIM-jacking or port-out fraud) is when a hacker tricks your mobile carrier into assigning your phone number to their SIM card, giving them control over your calls, texts, and two-factor authentication.
Usually through social engineering, basically, psychological hacking. They’ll dig up personal info from data breaches, social media, or public records, then use that to convince your carrier that you’re switching phones or replacing a “lost” SIM card. Once they pull it off, your phone goes dead. Meanwhile, the attacker is receiving your calls, texts, and any two-factor authentication codes meant for you.
And here’s the kicker: carriers have made it easier than ever to move a number to a new device. Great for convenience. Not so great when someone’s pretending to be you. With your number in their hands, attackers can waltz right into your accounts, reset passwords, and lock you out of your digital life in minutes.
One of the high-profile incidents on SIM swapping involved the hacking of Jack Dorsey in 2019, the then-Twitter CEO.
While this fraud seems harmless at first, the truth is it can be very tricky. Here are some of the highly noticeable indicators to know whether or not you’ve become a victim of this malicious attack.
There are more ways to detect SIM swapping attacks, but these are the most common signs that you likely have fallen victim. Now that you know about these, how can you prevent your identity from being compromised?
Hackers and cyber fraudsters will do everything to make their mission a success. The good thing is, the chances of taking over your SIM and the confidential information linked to it can be reduced. If ever you find yourself a target, there’s still a way out. Here are some practical and helpful tips you can explore and try your hand at so these hackers won’t accomplish their mission.
Using your SIM card as an account and identity authentication is not always advisable. But there are still a lot of approaches you can use to prevent SIM swapping attacks. These are just a few examples, so don’t be limited to this list! But if you think you haven’t done any or all of these yet, perhaps it’s high time you tried them out!
If your phone suddenly goes dark and strange things start happening with your accounts, don’t wait. The sooner you act, the better chance you have of stopping the damage. Here’s what to do fast:
💡Time is critical. Act fast to limit damage.
Bitcoin scams, unfortunately, come in all shapes and sizes, targeting everyone from first-timers to seasoned holders who let their guard down.
One of the most common? Phishing. Scammers pose as trusted exchanges or wallet providers and trick you into handing over your login details or private keys. Sometimes it’s under the guise of a security check. Other times, it’s baited with flashy promises of bonuses or urgent “account issues.” Either way, once you hand over access, your coins are gone.
Learn more: How to Protect Your Account from Phishing Attacks
Then there’s the classic fake investment scheme. These pitch wild returns like 10x in a week, that kind of thing. Some run like Ponzi setups, where early “investors” get paid out using money from new victims. It looks legit… until the whole thing crashes and burns.
A more personal angle? The romance scam. It starts innocently. Maybe on a dating app or social media. Weeks of chatting, building trust… then a sob story hits: medical bills, a family emergency, some manufactured crisis. And the solution? Just a little help with Bitcoin, of course.
Giveaway scams are another favorite. You’ll see them on social platforms, often featuring fake screenshots of Elon Musk, Vitalik Buterin, or some random influencer promising to double any BTC you send. “Limited time!” “Act now!” Sadly, people still fall for it.
Oh, and let’s not forget malware. Some hackers plant code to lift your crypto keys or redirect your transactions without you noticing until it’s too late. One wrong download and you’re compromised.
The harsh reality? Once your Bitcoin’s gone, it’s gone. No chargebacks. No “oops” button.
The best defense? Skepticism. If something feels off, it probably is. Take your time. Verify links. Question offers. And always remember: in crypto, trust is expensive and often counterfeit.
Important note: These materials are for general informational purposes only and do not constitute financial, investment, or professional advice. Cryptocurrency investments involve significant risks, including potential substantial financial loss, and we do not endorse specific investments, tokens, or projects. Always conduct your own research and consult qualified financial or legal professionals before investing, as Paxful disclaims liability for any losses arising from reliance on these materials to the fullest extent permitted by law.
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