Jeff Drobman, a California resident, lost tens of thousands of dollars when criminals hijacked his Bank of America account.
SIM-Swap Scheme
The thieves tricked Spectrum, Drobman’s carrier, into connecting his phone number to a different SIM card. This allowed them to receive text back codes from the bank, which they used to change Drobman’s password and steal his money.
Insecure Text Back Codes
Drobman believes that text back codes are not secure and should be replaced with more secure methods like facial recognition or authentication apps.
Bank of America’s Response
After being contacted by NBC News, Bank of America credited Drobman’s account with $21,000. The bank takes cases of identity theft seriously.
Industry Push for Protection
The American Bankers Association believes that text back codes help secure trillions of dollars in the banking system. However, Drobman’s experience suggests that they may not be as secure as they claim.
