US Lawmakers Call on Communications Regulator to Tackle SIM-Swapping Crime

US Lawmakers Call on Communications Regulator to Tackle SIM-Swapping Crime 1

Democratic lawmakers in the U.S. are demanding are demanding that the Federal Communications Commission (FCC) takes action to tackle the rise in SIM swapping attacks.

Responding to the groundswell of reported SIM swap heists, senators Ron Wyden (Ore.), Sherrod Brown (Ohio) and Ed Markey (Mass.) and representatives Ted Lieu (Calif.), Anna Eshoo (Calif.) and Yvette Clarke (N.Y.) sent Federal Communications Commission (FCC) Chair Ajit Pai a letter on Thursday urging him to do more to hold cell carriers accountable for the low-cost but often highly lucrative crime.

SIM-swapping is the act of remotely accessing a target’s cellular identity, essentially co-opting the associated phone number for nefarious purposes. There’s any number of ways to swap a SIM; in some cases hackers bribe or exploit cell carrier employees that work from within.

Once they’ve taken over a number, the fraudster can reset victims’ passwords, steal credentials and wipe personal information, bypassing most security mechanisms that rely on cellular two-factor authentication. That can cost millions – especially in a crypto community still largely reliant on text-based account security. To date, millions in crypto have been stolen in alleged SIM swap attacks.

The lawmakers’ chief concern appears to be America’s lack of comprehensive consumer protection policies. They note that some jurisdictions require prevention methods, like in-store verification, while others lag behind. 

“Implementation of these additional security measures by wireless carriers in the U.S. is still spotty and consumers are unlikely to find out about the availability of these obscure, optional security features until it is too late,” the lawmakers wrote. 

They also demanded to know more about how the FCC tracks SIM swap reports, as well as if it has been educating the public on prevention and if it has investigated hacks in the past.

One of the most public victims of such attacks is crypto investor and communications executive Michael Terpin, who lost over $20 million to SIM-swappers in 2018. He sued his cell provider, AT&T, for failing to protect him, alleging that the company was responsible for its employees who allegedly worked alongside the fraudsters. 

That suit is ongoing. Terpin petitioned FCC’s Pai in October also urging action against SIM swapping. 

Last month, prosecutors unsealed an indictment against Nicholas Truglia who is suspected of orchestrating the Terpin heist.

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Crypto Scams

Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
April 23, 2022
Prove
Joon Pak Head of Crypto at Prove talks to Us about Crypto Fraud And More
April 11, 2022
Mintable
Mintable CEO Zach Burks Talks to Us about the Opensea Stolen NFTs and Their Recovery
March 21, 2022
Crypto Crime
Crypto Crime Surges To Record Highs As Thieves Follow Market Buzz – Chainalysis 2022 Report
February 24, 2022
Bots Circumvent 2FA Login At Coinbase And Other Crypto Exchanges In 2022
Bots Have Circumvented 2FA Logins At Coinbase And Other Crypto Exchanges In 2022
February 17, 2022

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Russia
Roundtable Interview-What is the Effect of The Russia-Ukraine War on Cryptocurrency Prices?
March 4, 2022
GamStop
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin29,295 0.06 % 3.73 % 2.10 %
Ethereum1,967.9 0.44 % 4.73 % 2.86 %
Tether1.000 0.02 % 0.14 % 0.09 %
BNB321.45 1.38 % 2.16 % 7.81 %
USD Coin0.9989 0.16 % 0.08 % 0.04 %
XRP0.4079 0.13 % 3.58 % 3.70 %
Binance USD1.002 0.24 % 0.01 % 0.06 %
Cardano0.9566 0.22 % 0.68 % 6.96 %
Solana49.26 0.44 % 7.84 % 8.18 %
Dogecoin0.08321 0.50 % 4.73 % 5.44 %

bitcoin
Bitcoin (BTC) $ 29,253.00
ethereum
Ethereum (ETH) $ 1,964.99
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 323.40
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.40686
binance-usd
Binance USD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.513904
solana
Solana (SOL) $ 49.16
dogecoin
Dogecoin (DOGE) $ 0.083653