Michael Terpin, a victim of the widespread SIM swap scam, has taken the matter to the chairman of the Federal Communication Commission (FCC). In his letter to the Chairman, Ajit Pai, Terpin has requested that the regulator take effective action against SIM swapping and end this kind of fraud. The victim lost $24 million worth of cryptocurrencies under two SIM swap attacks occurring over seven months.
Terpin proposes to order all US mobile carriers to cover their PINS and passwords from the employees and inform all of the customers that they can opt-in to carrier high-security plans, which must include a “no port” option. The option will assist a user in specifying that his phone cannot be ported until it passes the fraud department.
SIM swapping is the process of scamming the telecom provider into transferring a victim’s phone number to a SIM card in possession of the scammer. Once the number is transported, the hacker can reset passwords for every feature, including the private services like the cryptocurrency wallets. According to Terpin, more than fifty victims of the same fraud have reached out to him, who have suffered massive financial losses.
Terpin and Ajit Pai are expected to meet during the Mobile World Congress Americas in Los Angeles, where both men are invited to voice their concerns.
