SIM card swap scam hits GTA couple for more than $140,000
SIM card swap scam hits GTA couple for more than $140,000
Scammers gained access to a Toronto couple's bank accounts through a ploy called the SIM swap. The pair lost more than $100,000 as a result.
After Cory Doctorow got scammed it became much clearer that providers need to do better.
Having customer support going to the lowest bidder makes these situations much more common. And since there are no repercussions there is no reason to make things better sadly.
Passkeys and authenticators. SMS based 2-auth has had this flaw for years. There should be laws that banks and trading accounts should enforce either passkeys or 2-factor with authenticators. Email and SMS are not secure enough for banking, and until laws enforce better security, this problem will get worse.
Nice to see that Wealthsimple was able to return some of their stolen money.