If you or a loved one has been a victim of a SIM swap, you can pursue compensation from the mobile carrier. Although most cases are resolved through binding arbitration, you can file a civil lawsuit to recover your funds and lost appreciation. In these cases, you may also be able to recover attorneys’ fees.
Why SIM swaps are a common way for hackers
SIM swaps are a common way for hackers to gain access to a smartphone. They often take advantage of the fact that cellular phones store sensitive account information. In the case of a recent hack, criminals shifted more than $25 million worth of cryptocurrency from a victim’s phone. In some cases, the carriers themselves were involved in the fraud.
Throughout the course of the hacking scheme, the defendants changed the victim’s phone number and then switched it with theirs. This process allowed them to access a victim’s email accounts and change their password. This allowed the hackers to gain access to a victim’s identity. In many cases, the phone numbers of the victims were stored on the phones of the conspirators, which meant that their information was sent over the interstate communications network.
In some cases, victims of SIM swap scams have successfully sued the mobile service provider. This is because the mobile carrier has to protect the data of their customers. However, some companies do not follow the federal guidelines for security and privacy, and this makes them liable. A professional attorney can help you get compensation for your losses.
While many customers may not be aware of this scam, it is important to consider the potential risks to your information. Several recent cases have resulted in significant damages and fines for consumers. In some cases, the SIM swap has cost a customer $55,000. Moreover, a consumer may lose their identity by switching SIMs. For these reasons, it is important to contact an experienced SIM swap attorney as soon as possible.
Why SIM Swaps are one of the most destructive types
When it comes to account takeover fraud, SIM Swaps are one of the most destructive types. SIM Swaps allow criminal third-parties to hijack a customer’s registered SIM card and access their financial accounts. The SIM card is a vital component of any mobile phone as it allows a cellular phone to communicate with its carrier. In addition, a SIM card enables a customer to move a wireless number while maintaining access to their carrier’s network.
A successful SIM swap attack could cause a major cyberattack, disrupting your network and restricting your client’s access to data. Furthermore, your reputation and client relationships could be damaged. This could result in regulatory penalties and loss of business. A successful attack could also result in a ransom demand. You can’t afford to leave your client’s information vulnerable to hackers.