The decentralized social media platform Friend.tech has fortified their armour against a surge in SIM-swap attacks. Aiming to safeguard those whose cell carriers or email services are under threat, they have ingeniously integrated a Two-Factor Authentication (2FA) password feature. Rather than being the sterling bullet, however, it simply prompts users to establish an additional password when they log in from unfamiliar devices. It’s an approach designed to double down on security, whilst permitting the Friend.tech and Privy team to refrain from meddling with password resets. The onus is unequivocally on the users to tread conscientiously around this feature.
This bolster in their defence strategy has been a much-needed salve in the aftermath of relentless SIM-swap attacks since September. Alarmingly, these security breaches bagged upward of 109 Ether coins (ETH) from compromised accounts, which approximated to a whopping $500,000! Making a beeline for vulnerabilities, one hacker alone siphoned nearly $400,000 from a multitude of Friend.tech users.
On the heels of such universally felt incursions, Friend.tech promptly rolled out security upgrades on October 4, enabling users to modify their login methodologies. Enhanced obstacles along the digital highway that hackers have to traverse. Despite some disgruntlement on the belated implementation of the 2FA, the majority of Friend.tech users have ushered it in with open arms.
SIM-swap atrocities, however, are far from opaque. Attackers resort to a crafty ploy where they ask their prey to greenlight a number change via text message. If declined, Friend.tech forwards an authentic verification code to the user which then, unbeknownst to them, gets forwarded to the crafty attacker. A non-response in two hours? Then the proposed alterations carry on unhindered, leaving the user vulnerable.
In the constantly evolving landscape of technology, scams have become ever so innovative. The uproar reached a crescendo after the head of Defiant News fell victim to an intricate phishing operation, seeing his Friend.tech wallet abruptly drained. It begs the question then, whether this ordeal does indeed underline the need for stronger network fortification, or whether Friend.tech and other organizations requires training users on security practices. Time will tell us, until then, keep your passwords safe and stay vigilant.
Source: Cryptonews
