Was Your Cryptocurrency Stolen in a SIM Card Swap Scheme?
“SIM swapping” (also known as “SIM hijacking”) is a growing crime. “SIM card” refers to a (S)ubscriber (I)dentity (M)odule used in cell phones to authenticate subscribers’ mobile phone accounts.
A SIM swap occurs when a mobile phone carrier, including T-Mobile, Metro PCS, Verizon, or AT&T, allows an unauthorized person to access your mobile phone account. The hacker then can access cryptocurrency accounts linked to your phone and steal your cryptocurrency holdings.
The hacker contacts customer support at a cell phone carrier, pretends to be you, and requests a new SIM card. The carrier provides a new SIM card to the hacker, allowing the hacker to link your cell phone number to their own device. Your real SIM card is deactivated and stops working. The hacker now has control over calls, messages, and two-factor authentication requests sent to your cell phone number. This also allows the hacker to access your cryptocurrency account and to lock you out of your cryptocurrency account.
SIM Card Swap Schemes Expose Cryptocurrency Owners to Great Risk
Without the information provided by T-Mobile, AT&T, Verizon, and other cell phone carriers, hackers likely would not have access to cell phone users’ personal and financial information. In 2016, the Federal Trade Commission warned T-Mobile of security concerns and potential problems that could arise. Despite this warning, T-Mobile failed to take adequate measures to protect its customers.
We believe that T-Mobile’s, Verizon’s, AT&T’s, and other carriers’ negligence can make them liable for stolen cryptocurrency and other damages suffered by mobile phone customers.
Cryptocurrency Owners That Have Experienced Losses Due To SIM Card Swapping Schemes May Have a Claim
Millions of dollars of cryptocurrency have been stolen in SIM card swap schemes due to the negligence of companies like T-Mobile. If you think you may have a case, contact us today.