Following a high-profile SIM swap attack that cost customer Justin Chan $38,000 in unauthorized transactions, Bank of America has agreed to partially reimburse the victim. This case underscores the vulnerability of SMS authentication methods used by financial institutions and highlights the evolving security challenges faced by banks as they interact with digital currencies. 20,000 of Chan’s loss was reimbursed following public pressure and media attention on the incident. While Bank of America initially refused to cover the entire amount, the case led to a partial payout for Chan thanks to his persistence and support from other platforms like Robinhood. The incident also raises questions about the effectiveness of security measures used by financial institutions as they struggle to adapt to evolving attack methods.