Hackers Stealing BitCoin with Cell Phone Social Hack

Episode 1393 (52:24)

BitCoin

Using basic social engineering skills, hackers have managed to use the data on cell phone bills to get customer service reps to move service to a set up mobile phone, and then use that to get into CoinBase through 2 Factor Authentication. As such, one hacker stole 8,000 BitCoin from a user named Cody. Read the full article here.

Leo says that text messaging is not a secure way to do 2 factor authentication, but everyone does it this way. Leo says it's better to use an authenticator program like Google Authenicator, which will generate a six digit number. Leo also says that phone companies have to do a better job authenticating.

The chatroom also says that it's possible to put a "do not port this number" alert on your account. Leo says that's a good idea, but it could be a hassle to you. Still, it could stop this hack from happening.