AT&T, T-Mobile sued over SIM-Swap Crypto attacks

09 Nov, 2018
by David Borman
News
AT&T, T-Mobile sued over SIM-Swap Crypto attacks

It is being reported by Coindesk that victims of recent SIM-swapping hacks that have targeted cryptocurrency owners are now suing the companies AT&T and T-Mobile over the incidents. They are being represented by Silver Miller, a law firm which specializes in crypto cases.

SIM-swap hacks work by social engineering a representative from a service provider into changing someone's cell phone service to a new SIM card. Switching SIM's is offered for legitimate reasons such as loss or damage of phone.

However, all it takes is for someone to impersonate you and sometimes provide a few simple details in order to get a representative to agree to a switch. This is exploted by the attackers to gain access to texts, data and of course crypto wallets.

In the article, Silver Miller is quoted:

"By leaving holes in their security protocols and failing to properly train and monitor their employees, cellphone providers have assisted thieves in remotely taking over the SIM cards in people's smartphones, accessing financial records and account information of the victims, and emptying the victim's accounts of cryptocurrency and other valuable assets."

Whether on not this case sticks will remain to be seen. If nothing else, here's hoping it causes major companies like these to up their security measures before more hacks like these occur again.

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