iFit's picture
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+ 5 2 Factor Authentication - Don't Use Your Cell #


As I mentioned a couple of weeks ago, my phone got sim swapped allowing my Coinbase account and email to get hacked. It appears someone social engineered Verizon customer service reps. I thought I had decent security because my financial accounts were set up with 2 Factor Authentication. However, I was wrong. A much better solution is to use an Authenticator App such as Authy. This way if someone takes over your phone number they still can't access your accounts. Most financial websites are easy to set up with an Authenticator and simply requires going into your security settings and scanning a QR code.

My advice is take action now. Only takes a few minutes. If you Google "sim swap Coinbase" you will find dozens of stories of this happening with some loosing hundreds of thousands. You will not get your $ back as their response is they can't be responsible if you didn't secure your device.

Achak's picture

There is a lot more to be concerned with here that you aren't talking about. In order to do a SIM swap scam the fraudster has to have all your personal information. That's mean they know your name, social, DOB, address and phone #. They contacted your cell provider and pretended to be you. They were able to get a new sim card to be activated on your account. Pretty much all your financial accounts are at risk now. They can steal your identity if they want to. What you need to be focused on is how all your private information was leaked. You may want to lock your credit profiles with the three major credit reporting agencies

iFit's picture

Yeah. Thanks. Did all that. There’s a leak somewhere. Probably with that shady Coinbase. I’m not on any social media (never been) so rules that out.

Greg's picture

Better yet. GET A COLD WALLET and get your coins off of exchanges.

iFit's picture

I do but they initiated a purchase similar to what can happen say on Venmo. I caught it before the ACH finalized at my Bank.

press1's picture

Good post bud.

Makwa's picture

Good to know.

FlemDaddyKush's picture

The "hackers" are finding ways around 2fa now. I mean it's a good thing to have vs having nothing but they can still get around it. And yeah sim swapping is being done alot. The sad thing is that the phone companies should be doing a.better.job in stopping sim swapping. But yeah the authenticator apps are another means of security to have.

BFG's picture

You can set up 2 factor authentication for your eroids account too. See "Security" tab on your profile.
QR code and recovery codes provided for your Authenticator, Authy, or similar 2 factor authenticaton apps.