In a Sim-swapping attack, typically a hacker will call a mobile phone operator claiming they have lost the phone they are targeting and need a new Sim card sent out to them. Sometimes, the hackers will go into a store in person to carry out the con. The Securities and Exchange Commission has confirmed the account was compromised by a fraudster convincing a mobile operator to transfer an Securities and Exchange Commission employee’s phone number to a new Sim. The employee who was targeted had their phone number associated with the Securities and Exchange Commission’s account for X, formerly known as Twitter. The US financial regulator has confirmed a key security procedure on its X account had been suspended for six months when hackers made a fake post about Bitcoin in January. Should multi-factor authentication be made mandatory to every social media user ?

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