Responds to SIM Swap Attacks with Enhanced Security Measures

0 Responds to SIM Swap Attacks with Enhanced Security Measures

Decentralized social network platform announced an improvement to the protocol’s security, allowing users to add and remove various login methods from their accounts.

You can now add and remove log in methods for your account. To access these settings, tap your wallet balance in the top right corner of the app

— (@friendtech) October 4, 2023

On October 4, announced on X (previously Twitter) the update on its login method, saying, “You can now add and remove login methods for your account.” Moreover, the company shared how users can access these settings from the application.

This update has been in response to the recent SIM swap attacks targeting users. Recently, ZachXBT, a well-known blockchain detective, unveiled a SIM swap attack targeting users, which led to a loss of $385,000.

The recent SIM swap incident defrauded four users by a single scammer, and all the incidents occurred within 24 hours. ZachXBT claimed that users could have signed up with a new email address instead, as “SIM swaps are not a new thing.”

Manifold Trading, a systematic crypto investment firm, recently shared that’s SIM swap attacks could lead to a $20 million loss. They stated that if any hacker gains access to a account via SIM swap or an email hack, they could rug the whole account.

If any hacker gains access to a FriendTech account via simswap/email hack, they can rug the whole account

If you assume 1/3 of FriendTech accounts are connected to phone numbers, that’s $20M at risk from sim-swaps

FriendTech’s current setup also technically allows a rogue dev…

— Manifold (@ManifoldTrading) October 2, 2023

Furthermore, Manifold shared a few suggestions to solve this issue, as it “should honestly be the number one priority.” The crypto firm suggested allowing users to add Two Factor Authorization to login and claimed that it’s not difficult to implement and allow 2FA on key decryption and transactions, as Privy is implementing this. has responded to this and stated, “We have received questions about why we haven’t enabled Privy’s 2FA passcode feature yet.” They added that Privy’s UX doesn’t instruct users to confirm their passcode. If a user mistypes the passcode, neither Privy nor can reset it, which would lead to the user being locked out of their accounts.

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