“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 card is what allows a mobile phone to connect to a mobile phone carrier’s mobile network.
An unauthorized SIM swap occurs when a mobile phone carrier, including T-Mobile, Verizon, or AT&T, transfers a customer’s mobile phone service to an unauthorized person. The unauthorized person then receives all phone calls and text messages made and sent to the customer’s (the victim) mobile phone number. Those text messages can include text messages that a cryptocurrency platform (such as Coinbase, Crypto.com, or Binance) sends to the victim’s mobile phone number with a one-time two-factor-authentication (2FA) code. The unauthorized person then can use that 2FA code to access the victim’s cryptocurrency account and steal the victim’s cryptocurrency.
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, the unauthorized third party would not have access to the cell phone customers’ 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.
T-Mobile, Verizon, and AT&T can be held liable for their negligence and their failure to comply with federal and state laws designed to protect customer information. If your cryptocurrency was stolen after an unauthorized SIM swap you may have a valid claim to recover damages from the mobile carrier for its failure to protect your personal and private information.
Cryptocurrency Owners That Have Experienced Losses Due To Unauthorized SIM Swaps May Have a Claim
Millions of dollars of cryptocurrency have been stolen as a result of SIM card swaps due to the negligence and other improper conduct of companies like T-Mobile. If you think you may have a case, contact us today.
Our experienced legal team has a deep understanding of cybersecurity issues relating to mobile phones and the complexities of unauthorized SIM swaps. We can guide you through the legal process of recovering damages and holding mobile phone carriers accountable for any security breaches that may have contributed to your loss.
Don't wait to take action. The sooner you contact Dimond Kaplan & Rothstein, the better chance you have of recovering damages related to the unauthorized SIM swap and your stolen cryptocurrency.
Schedule a free consultation today to discuss your case and explore your legal options.
