Mobile companies are reporting increased cases of SIM swaps claims as criminals seek to lay their hands on easy crypto wealth. For example, T-Mobile, a leading mobile services provider, has several complaints about SIM swapping on its Twitter page. Notably, the complaints are from the crypto community.
Reports by the crypto community and or enthusiasts indicate that they have lost control of their mobile devices.
A crypto mining news publication’s co-founder, Andrew Kang, alleges that special instructions in his account were bypassed by T-Mobile employees, causing a breach on June 1 2019.
The SIM hackers can typically pull off a SIM swap scam by targeting a weakness in the two –factor authentication or the two-step verification process, intercepting the second factor or the steps that involve SIM text message. But, Kang said he didn’t have SMS for security on any device.
The co-founder of blockchain turnkey solutions company ASG Blockchain John Caldwell lamented that his account was also compromised.
“This happened to me too. Also @T-Mobile – also someone in support made a poor decision to ignore instructions and allow a SIM swap. Happy to share info if needed.”
T-Mobile says in a series of responses that it has the interest of its customers and privacy as a priority.
“All of our processes are designed to make sure your account is secure and looking exactly how you want. Our team is here 24/7 if we can help you with any account questions.”
Aftab ‘DCinvestor’ Hossain, an Ethereum community member and management consultant, suggests that mobile companies, including T-Mobile, should:
“Issue a statement to the crypto community explaining what breaches of policy allowed for these SIM-jackings, along with formal guidance on what customers can do to avoid it.”
Do you think the crypto community will continue to lose to SIM swap scams as crypto prices continue to appreciate?
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