The $24 Million SIM Swapping Hack.
When Michael Terpin loses $24 million to a SIM swapping hack, he fights back against the young hackers and takes on AT&T in a legal battle for $224 million.
This cautionary tale exposes the rise of SIM swapping incidents and the vulnerabilities of service providers in the face of digital identity theft.
SIM swapping hack is a type of cyberattack that has become increasingly common in recent years. In this type of attack, hackers gain access to a person’s mobile phone number and use it to access their accounts. The attack works by exploiting weaknesses in the mobile phone carrier’s security.
The hacker starts by obtaining the victim’s personal information, such as name, address, and date of birth. They then use this information to request a new SIM card from the victim’s mobile phone carrier, usually without their knowledge. The hacker then requests a new SIM card that is linked to their own phone number. This allows them to receive calls and text messages intended for the victim, as well as gain access to their online accounts.
For example, if the victim has two-factor authentication enabled on their accounts, the hacker could use the new SIM card to receive the authentication codes and gain access to the accounts. This can give the hacker access to sensitive information, such as banking details, and allow them to steal money or commit other types of fraud.
It is important to be aware of this type of attack and take steps to protect yourself from it. Ensure you are using a secure password and two-factor authentication on all of your accounts. You should also be wary of any suspicious calls or text messages, as these could be attempts to gain access to your accounts.
If you think you may have been the victim of a SIM swapping hack, you should contact your mobile phone carrier and report the incident immediately. You should also change the passwords on all of your accounts and contact the relevant companies to let them know your details may have been compromised.