by: xpoolPosted on:

Bank of America Reimburses Customer After SIM-Swapping Fraud

In a case of SIM-swapping fraud, Bank of America has reimbursed customer Justin Chan $20,000 following unauthorized withdrawals in September 2024. The incident involved Xfinity Mobile and the trading platform Robinhood, where perpetrators accessed authentication codes to transfer $38,000 from Chan’s account. This incident underscores the vulnerability of mobile carrier security systems and raises concerns about financial institutions’ responsibility for customer losses in such situations.

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