David A989 McDonald

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What is a SIM swap attack and why is it dangerous?

A SIM swap attack occurs when criminals trick or bribe a telecom provider into transferring a victim’s phone number to a new SIM card. Once they control the number, attackers intercept SMS-based 2FA codes, reset passwords, and gain access to trading accounts, email, or banking apps. This makes SIM swaps highly dangerous, especially for traders relying on SMS security. Preventive measures include minimizing personal information online, setting up PIN codes with mobile carriers, and using app-based or hardware-based authentication instead of SMS. Awareness of SIM swap risks is crucial for anyone trading forex or crypto.