Why crypto investors might want to think twice about giving out their phone numbers


Stephen Palley is quoted by CNBC in an article regarding cyber criminals who hack into cryptocurrency accounts by getting hold of the target's cell phone number. One victim of this kind of theft sued his wireless carrier. Stephen asks, “The question is, do people believe that telecos have responsibility for protecting your bank account? Maybe that's a little much to ask … A telecommunication company doesn't have control over what you use your phone for." He also warns “It's not just cryptocurrency at risk … anything for which a cell phone is used as a second way to identify yourself could be at risk if a hacker takes over your phone number.”  Bottom line: “People assume that your cell phone is a comfortable and secure way of protecting data ... It turns out that it's not."