Bank Account Holder Lacks Reimbursement from Bank of America Following $38,000 Vanishing Incident: Allegation
Headline: Bank Customer Loses $38K in Late-Night SIM-Swapping Attack, Bank of America Denies Reimbursement
Cryptocurrency enthusiasts need to be mindful of the rising threat of SIM-swapping attacks, as evidenced by the recent incident experienced by Justin Chan. In September 2024, $38,000 was stolen from Chan's joint account following a SIM-swapping attack.
The theft took place after an attacker successfully convinced Xfinity Mobile to transfer Chan's cellphone number to a new device. With access to two-factor authentication codes, the hacker skillfully altered Chan's login credentials and initiated three outgoing wire transfers within a three-hour timeframe, starting at around 2:00AM.
Despite promptly reporting the fraudulent activity to Bank of America, Chan faced a long and frustrating battle to secure reimbursement from the lender. Bank of America initially rejected Chan's claims, stating, "Our investigation found the transaction in question was confirmed valid by you via (SMS/MMS) text message response or speaking directly with Fraud Detection Employee."
Frustrated by the lack of progress, Chan enlisted the help of ABC-affiliated news station KGTV, who continued pressuring Bank of America on the matter. Eventually, Bank of America conceded and agreed to reimburse Chan $20,000. The balance of the funds, previously sent to the trading platform Robinhood, was also refunded, bringing the total recovery to $38,000.
This cautionary tale illustrates the importance of vigilance and proactive measures in securing personal assets, particularly in the rapidly evolving world of cryptocurrency. As technology advances, so too does the ingenuity of cybercriminals, making it essential for the cryptocurrency community to prioritize security measures to safeguard their investments.
Sources:
- KGTV (May 2, 2025). Bank of America Customer Says Lender Refuses to Reimburse Thousands Stolen Due to SIM-Swapping Attack. Retrieved May 3, 2025, from https://abc10.com/news/local-news/bank-of-america-customer-says-lender-refuses-to-reimburse-thousands-stolen-due-to-sim-swapping-attack
Remember, crypto investments are risky and volatile. Always do your own research and never invest more than you can afford to lose.
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- Despite the $38,000 loss due to a SIM-swapping attack, cryptocurrency enthusiasts should remain vigilant and proactive, especially in the rapidly evolving world of blockchain and altcoins.
- In an incident similar to Justin Chan's, it's essential for the industry to prioritize security measures to safeguard cryptocurrency investments, as the ingenuity of cybercriminals continues to advance with technology.
- This cautionary tale serves as a reminder that investment in cryptocurrency is risky and volatile, so it's important to always do your own research and never invest more than you can afford to lose, following a disclaimer in industry announcements.
- As we witness the tokenization of $3 billion in real estate assets and various announcements in the banking-and-insurance sector, staying informed through platforms like X, Facebook, Telegram, email alerts, and subscribing to Price Action and The Daily Hodl Mix, helps in not missing a beat in the industry.
- Another example of collaboration in the industry is between FLOKI and Rice Robotics, as they launch an AI companion robot with token rewards, marking a significant highlight in the world of cryptocurrency and finance.
