A Bank of America Customer Loses $17,000 in Phone Hack
A Bank of America customer recently experienced a shocking incident where she lost control of her phone and witnessed $17,000 being stolen from her bank account within minutes. The criminal’s success was facilitated by the bank’s two-factor authentication system (2FA).
Impostor Gains Control of Phone Number and SIM Card
Sharon Hussey, the victim, revealed that an impostor visited Verizon and convinced the company to transfer control of her phone number and SIM card, as reported by WJLA. With access to her number, the thief intercepted 2FA verification codes from Bank of America, enabling them to break into her account.
Frustrations with Contacting the Bank
After realizing that her phone had been hacked, Hussey attempted to contact the bank. However, since she no longer had a working phone, she couldn’t receive the 2FA code sent by the bank’s online system. Despite eventually managing to reach out to the bank, her money had already been stolen.
Bank Denies Claim Initially
Although the unauthorized transfers from Hussey’s account were evident, Bank of America denied her claim for three months before finally reimbursing her account. The bank’s email emphasized their commitment to addressing identity theft issues but did not explain why they initially rejected Hussey’s claim.
Verizon Refrains from Commenting
Verizon declined to comment on the case in order to protect customer privacy. They assured that they investigate and resolve potential fraud cases promptly.
Hot Take: The Vulnerabilities of Two-Factor Authentication
This incident highlights a significant vulnerability in two-factor authentication systems. While 2FA is generally considered a reliable security measure, it can be compromised if an attacker gains control of the user’s phone number or SIM card. This case serves as a reminder to remain vigilant and take additional precautions to safeguard personal information and financial accounts.
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