Recently I was engaged in a conversation with an old buddy of mine where we got talking about the hacks and breaking in methods individuals use nowadays to gain unauthorized access to our funds in crypto.

The conversation quickly went into the various "social hacking" methods now employed by hackers.

For example, did you know that hackers using the social hacking method could pose as potential clients for you as a trader, using the trust established to totally wreck you?

This is how they do it.

Trust is flawed

Yeah, you read that right, your trust in individuals is driven by a lot of factors, from how the person approaches you, to the amount of transactions you've conducted with them. Hackers know to be patient, slowly but surely planning their moves in order to get the big pay.

Most of the time, we divulge more information than we realize, especially in lengthy conversations.

If you were to take a recorder and record everything you say in a one on one conversation, you'll be surprised at how much information you give out. Information that can be provided picked up by a potential hacker

The scam involves knowing more about you, the exchange you use, the time you trade, the people you trade with, the amount of money (volume) You trade, etc.

Once these details are gotten, they provide it to your internet provider to give them access to your SIM card and consequently any SMS 2fa therein.

It's crazy, but people have been known to lose money this way.

A video I watched a year back showed that hackers using this method can and will totally destroy your accounts if they choose to target you.

In one instance where an example was being shown, a lady got the personal details of the interviewer and proceeded to call his IP customer care, pretended to be his wife, put on a baby crying MP3 to give the environment of a frustrated lady with a baby and too much work (playing on the pity of the customer care agent) And ultimately gave enough information to get access to the interviewer's phone number, SIM, SMS.

From there, she proceeded to change all of it..
She said she could potentially get in contact with his bank via his number as well and get money from it and in our case, any SMS based 2fa.

This is just one method social hackers can use, the possibilities are endless. I suggest y'all take a moment to read more about this topic.