by Admin Istrator | May 5, 2022 12:42 pm
T-Mobile, ATT&T, Metro PCS, Verizon and other mobile carriers could be liable for their customers’ stolen crypto if it can be traced back to a sim card swap or switch. “SIM” stands for Subscriber Identity Module. It is the little chip-card that you slip into your mobile phone to receive and make calls. If crypto was stolen because your mobile carrier provided your sim card to someone else – you may be able to sue to recover your losses. Please contact our attorneys at 800-767-8040 for a free and confidential consultation.
Important fact: Your mobile number is not physically stored on the SIM card.
A mobile carrier is like an old-fashioned switchboard. Calls for a certain mobile number come into the operator, and the “switchboard” links the number up with the SIM card’s identity number. Then the “switchboard” sends the call to that SIM, and your phone rings. In a SIM swap scam, fraudsters convince or bribe someone at your mobile carrier to change the SIM card connected to your telephone number. In other words, future calls to that telephone number will be patched through to the fraudster’s SIM card instead of your own.
Once fraudsters have access to your telephone number, they can then use it to change your passwords or gain direct access to numerous online accounts and financial accounts. This is because a very large portion of these accounts sends an authorization code to your telephone either to change the password, or to log in directly.
In one case, a victim lost access to $1 million—his life savings and his daughter’s college fund—after a fraudulent SIM swap attack. The theft was carried out within minutes of gaining access to his mobile number.
One of the most disturbing aspects of fraudulent SIM swaps is that they are often carried out entirely without your participation. There are, however, some things you can do to minimize the chances of it happening to you, and also to minimize the potential damage once you recognize that it has occurred.
Yes, if your mobile carrier provided your sim card to a fraudster without properly identifying their identify then you may be able to sue them to recover your stolen crypto. These disputes are often handled out of court through binding arbitration pursuant to carrier’s terms and conditions (i.e. “the fine print”). In these arbitration cases, the customer can sue for their lost crypto, attorneys’ fees and lost appreciation. Since ever case is different, however, we encourage you to contact an attorney to discuss your specific matter.
A fraudulent SIM card swap must be executed directly on your account by an employee at your mobile network operator. This type of fraud is typically achieved using:
Social engineering is when fraudsters utilize deceptive practices to convince someone to perform some fraudulent action. This often includes some type of “victim” story, such as that your phone was stolen or that you sold it and left the SIM card inside it.
Phishing is when an email is sent, purporting to be from a legitimate company, when in fact it is fraudulent. There are ways to detect phishing emails, but these are often above the technical knowledge of average users.
Sadly, direct bribery of mobile operator employees is also sometimes a factor in fraudulent SIM swaps.
Although the SIM swap is carried out at the mobile operator level, fraudsters typically require some type of Personally Identifiable Information (PII) to be able to impersonate you during the call. This information includes things such as your date of birth, social security number, physical address, email address, and other similar items.
PII is obtained in numerous different ways. Phishing is one of the leading ways. Fraudsters somehow get your email address (often from an online data breach) and then send you an email purporting to be a legitimate company, asking you for personally identifiable information. As a rule of thumb: Legitimate companies would never send an email requesting this kind of information, especially not financial institutions.
PII is also often obtained through data breaches. The Identity Theft Resource Center (ITRC) reported that, by Q3 2021, 281,451,400 people had been victims of a data breach since the beginning of the year. The primary attack vectors were phishing and ransomware.
The first sign of a potential SIM Swap on your phone is a “No Service” message. Although this is not necessarily an indication that you’ve been the victim of a SIM swap, you should immediately do the following if you see it:
Insider threats aside, the most effective things you can do to prevent fraudulent SIM swaps from happening on your account are:
If you had crypto stolen due to a sim card swap, contact our attorneys today.
Source URL: https://mdf-law.com/sim-card-swap-lawsuit/
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