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Cyber Risks · Krebs on Security

Lawmakers Prod FCC to Act on SIM Swapping

Summary: Six Democratic lawmakers sent a letter to FCC Chairman Ajit Pai asking the agency to require mobile carriers to offer more protections against SIM swapping, a fraud that has stolen tens of millions of dollars from thousands of consumers. The letter asks whether the FCC tracks SIM swap complaints and port-outs, offers consumer or carrier guidance, has opened investigations or taken enforcement actions, and whether federal rules prevent carriers from sharing a customer's most recent SIM swap date with banks.

Key Takeaway: A New York grand jury indicted 22-year-old Nicholas Truglia for allegedly using SIM swapping to take $24 million in cryptocurrency from investor Michael Terpin, and experts say arrests have pushed some swappers to use minors who are largely outside federal prosecutors' reach.

Read the original at Krebs on Security ↗

Topics
Fraud & Scams
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