Once the hacker has access to this information, the hacker takes over the user’s cell phone” and gains access to various accounts. The purpose of these schemes is to compromise customers’ mobile identities, access confidential data, take over their financial accounts, and effectuate fraudulent transactions.” This can include fraudulent SIM card swapping, where “a hacker convinces a mobile phone carrier to transfer access of a targeted person’s phone number from her registered SIM card…to the hacker’s SIM card.

The plaintiffs alleged that recently, bad actors have been “using schemes to access customer personal and financial information by causing unauthorized changes in customers’ wireless accounts. Specifically, the plaintiffs alleged that T-Mobile’s gross negligence to protect consumer information have caused the plaintiffs to allegedly lose $8.7 million in cryptocurrency. T-Mobile was sued in the Eastern District of New York by plaintiffs Reginald Middleton and Veritaseum LLC on Tuesday for its alleged “failure to protect its customers’ highly sensitive personal and financial information,” which caused the plaintiffs to lose $8.7 million in a cryptocurrency SIM card swap hack.

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