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Chinese SIM-Switching Devices Threaten Crypto Exchange Security and KYC Measures
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Chinese SIM-Switching Devices Threaten Crypto Exchange Security and KYC Measures
A new type of SIM card switching device from China has been identified as a tool that lets users rapidly change mobile device identities, potentially circumventing Know Your Customer (KYC) and anti-fraud measures on cryptocurrency exchanges and decentralized finance platforms. The discovery comes amid a 160 percent surge in SIM swap attacks over the past year. The devices, which enable operators to switch between hundreds of SIM cards with a sim…
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