Cryptocurrency users have become painfully aware of SIM swapping attacks. Even the US Congress is now growing concerned over this thriving problem.
Consumers have little to no resource when a SIM swapping attack is performed successfully.
Who Will Solve the SIM Swapping Problem?
They lose access to a mobile phone number and all verification protocols associated with it.
In the cryptocurrency world, there have been numerous thefts following a SIM swap.
Ever since, US telco providers have come under a lot of scrutiny by consumers.
Unfortunately for the end user, there is only so much that they can do themselves.
Politicians are tasked with protecting consumers when incidents like these occur.
For reasons unknown, no one seems inclined to do something about SIM swapping.
One thing is certain: this industry is thriving and becoming an increasingly large problem.
Several lawsuits have been filed in recent years.
In some cases, the same culprits are indicted across different complaints.
When phone companies take no action on behalf of affected customers, a very problematic situation ensues.
The US appears well behind the curve in the SIM swapping department.
In the UK and Australia, data is shared to financial institutions to take additional countermeasures.
In the US, no such course of action exists today.
Nor is there any proactive system in place to protect customers of an attack is successful.
It is now up to the FCC to do something about this situation, and quickly.