Kroll inc. recently fell victim to a highly publicized cyber attack. This attack employed a method known as "SIM swapping," which allowed the attacker to gain unauthorized access to sensitive personal information.
Kroll, a cybersecurity firm, was promptly alerted about the SIM swapping attack that targeted an employee of T Mobile US., Inc. Account on Saturday, August 19, 2023.
Taking action, Kroll secured the three affected accounts and implemented necessary measures to ensure their safety.
The SIM swapping attack involves manipulating a carrier into transferring a victim's phone number to a device controlled by the attacker. In this case, T Mobile moved the employee's phone number to the attackers' device upon their request, granting them control over calls and messages.
According to data from the FBI Internet Crime Complaint Center (IC3), between January 2018 and December 2020, 320 reported complaints of SIM swapping incidents resulted in adjusted losses of $12 million. However, in 2021, IC3 received 1,611 complaints about SIM swapping with adjusted losses exceeding $68 million.
Accessing Sensitive Information
As a result of the SIM swapping attack, the attacker managed to gain access to specific files containing the personal data of individuals involved in bankruptcy claims related to BlockFi, FTX, and Genesis.
This unauthorized information breach raises serious concerns for those affected as their details could be misused for fraudulent activities or identity theft.
Once the attack was discovered, immediate measures were taken to secure the affected accounts of BlockFi, FTX, and Genesis.
The impacted individuals were promptly notified via email to ensure they were made aware of the breach and could take precautions.
Kroll also emphasized its collaboration with the FBI in investigating this incident to hold accountable those responsible.
Preventative Measures and Staying Alert
Kroll's response to this incident underscores the significance of practicing good cybersecurity habits and remaining vigilant against such threats.
The company has provided guidelines that it will never ask or require individuals to follow when dealing with bankruptcy claims or asset distribution.
These guidelines include avoiding linking cryptocurrency wallets with websites or applications, refraining from sharing seed phrases or private keys, being cautious about downloading software or wallet applications, refraining from providing passwords through email text messages or over phone calls, and sharing personal identifying information through insecure channels.
As the investigation continues, this incident is a lesson for individuals and businesses. It emphasizes the importance of adopting security measures, educating employees, and collaborating with law enforcement agencies.
It serves as a reminder to utilize multi-factor authentication methods, like biometrics, physical security tokens, or dedicated authentication apps when accessing online accounts.