Fraudsters use the phone number to hacking into crypto accounts

Posted 23 October, 2019

SIM swap scam is the new cryptocurrency scam that has emerged in the last couple of years and is gradually emerging as one of the most nerve-racking frauds in the digital world.

Michael Terpin, the crypto investor has called for the Federal Communications Commission (FCC) to end the “scourge” of sim swap hacks in an open letter to FCC chairman Ajit Pai. He lost $24 million worth of crypto after a sim swap hack. 

In his letter, made available online Terpin, who is suing mobile provider AT&T because of their involvement in the theft, calls for the commission to take three actions which he says will dramatically reduce the chances of further sim hacks, which he says are on the increase.
Terpin suggests a three-pronged attack on tackling sim swapping: the physical punching in of account PINs and passwords rather than reading them aloud to retail clerks or call center employees; the option of a high-security mobile plan, with automatic no-port option; and an immediate, comprehensive study of this area of the industry with recommendations for mandatory reforms. 

In the spring of this year, Terpin lost about $23.8 million due to a hacked SIM card. The entrepreneur won a lawsuit against the attacker, according to the results of which the latter should pay $75.8 million in compensation and punitive damages.

Previous story

23 October, 2019 15:37

← NYDFS reviews requirements BitLicense

The New York State Department of Financial Services (NYDFS) will change the way BitLicense is issued for companies and exchanges. This was stated by the head of NYDFS Linda Lacewell.

NYDFS reviews requirements BitLicense

Next story

23 October, 2019 11:07

Poloniex received Gram listing request before conflict with SEC →

The head of the Gram Vault custodian, Sergey Vasin, filled out an application for listing on the Poloniex exchange even before the SEC filed a lawsuit against Telegram. According to Vasin, Gram Vault stores 50% of tokens from the first round and 75% of tokens from the second round of sales. 

Poloniex received Gram listing request before conflict with SEC
Write a comment
Prove you’re not a bot + 18 = 23