US Regulators to Limit SIM-Swap Crypto Fraud
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The Federal Communications Commission (FCC) is working on a new set of rules aimed at limiting SIM-swap cryptocurrency fraud, The Wall Street Journal has learned. The new rules are expected to tight restrictions on how users switch numbers between devices and carriers. However, AT&T Inc. says the proposed regulations could give hackers a blueprint for attacks.

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"Carriers must be agile and innovative in fighting fraud and should not be anchored by prescriptive requirements tied to specific technologies or methods," AT&T said.

A spokesperson for Verizon said it has a one-time passcode scheme for postpaid customers when they are trying to switch to another carrier. A spokesperson for T-Mobile said the mobile network operator allows customers requesting SIM swaps by phone to use their account PIN, a one-time passcode or two-factor authentication.

SIM Swapping – Priority for American Police

An official for the FCC, admits that the rule making could take several months. The FCC's move comes after Coinbase revealed it had suffered a massive hack attack which resulted in compromise of 6,000 accounts between March and May 20, 2021. According to the exchange, at least 6,000 Coinbase customers had funds removed from their accounts.

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