A Bank of America customer, Justin Chan, is battling the bank after $38,000 vanished from his joint account with his sister. The money disappeared overnight due to a SIM swap attack.
The SIM Swap and the Theft
Hackers tricked Xfinity Mobile into transferring Chan’s phone number to a new device. This gave them access to his two-factor authentication codes, allowing them to log into his account and wire out the funds in three separate transactions within just a few hours.
Bank of America’s Response
Chan reported the theft to Bank of America, but the bank initially refused to reimburse him, claiming the transactions were authorized via text message or phone call with their fraud department. Even after a second investigation and a letter from Xfinity confirming fraudulent activity on Chan’s account, the bank stood firm. Chan expressed his frustration with the bank’s handling of the situation.
A Positive Turn (Eventually)
After a news team intervened, Bank of America finally relented and reimbursed $20,000. Robinhood, the trading platform where the remaining $18,000 was sent, also refunded that amount.