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By Nina Kikava - News - 1 week ago

California Cybercrime Police Focus on Cryptocurrency SIM Swapping as ‘Highest Priority’

According to a KrebsonSecurity report, a security news and investigation blog, published November 7. It is considered that so-called SIM swapping is one of the highest priority when fighting with cryptocurrency fraud.

The police sergeant in Santa Barbara, Samy Tarazi, who is the supervisor at REACT task Force (the group that is fighting cybercrime), stated that the number of detected crimes had grown dramatically.

As BNG discussed in a previous article, SIM swapping is hijacking the SIM card in mobile devices. By doing SIM swapping, a person can access an operator’s customer database and also gain access to poorly protected private data.

This kind of fraud resulted in the loss of a huge amount of money. Tarazi claims:

“If someone gets robbed of $100,000 that’s a huge case, but we’re now dealing with someone who buys a 99 cent SIM card off eBay, plugs it into a cheap burner phone, makes a call and steals millions of dollars. That’s pretty remarkable.”

As I have already mentioned, REACT is actively trying to take control over this kind of crimes. REACT stands for Regional Enforcement Allied Computer Team. According to Tarazi’s statement, SIM swapping is currently the main topic that group is focusing on:

“It’s probably REACT’s highest priority at the moment, given that SIM swapping is actively happening to someone, probably even as we speak right now,”.