Teenager charged over $50 million SIM-swap cryptocurrency theft
Samy Bensaci, an 18-year-old living in Montreal, Canada, has been charged in connection with the theft of over $50 million worth of cryptocurrency in a SIM-swapping scam.
A SIM swap attack (also sometimes called a Port Out scam) is one where fraudsters manage to trick the customer support staff of cellphone operators into giving them control of someone else’s phone number.
When an online account subsequently sends its authentication token or reset password link to the user”s phone number via SMS, it ends up in the hands of the attacker. In this way a hacker can hijack an email account, and gain access to cryptocurrency wallets if they are not more strongly secured.
According to Lieutenant Hugo Fournier, a spokesperson for the SÃ»retÃ© du QuÃ©bec, the fraud that Benasci was allegedly involved in stole “$50 million from our neighbours to the south and $300,000 in Canada.”
Individuals allegedly targeted by the attack include Dan Tapscott, the head of the Blockchain Research Institute, and his son Alex, a well-known advisor on blockchain technologies and cryptocurrencies.
Many of those targeted by the SIM swap fraud are thought to have attended Consensus, an annual cryptocurrency and blockchain conference held in New York.
Arrested and charged in November, Benasci was released on CA $200,000 bail and ordered to live with his parents in Northeast Montreal according to local media reports.
Benasci is prohibited from accessing any device capable of accessing the internet – which includes computers, tablets, mobile phones, and games consoles, has been ordered to surrender his passport to local police in order to guarantee he will not leave the country.
In addition the court has prohibited Benasci from owning or exchanging any form of cryptocurrency
In particular, Bensaci is prohibited from accessing “any computer, tablet, mobile phone, game console, including PS3, PS4, Xbox, Nintendo Switch, or any other device capable of accessing the Internet”.
One victim of a SIM swap attack is Robert Ross, who claims he had one million dollars stolen from him after an AT&T customer service representative was tricked into redirecting Ross’s number to a cellphone under the control of a hacker:
“Because of AT&T, the hacker was then able to take control of my Gmail by clicking “forgot password”, which sent a text to the hacker”s phone instead of mine to reset my email password. In minutes, I lost control of my mobile service, email and several other accounts. Then he logged into my financial accounts and used my $1M in US dollars to buy Bitcoin with my $1M and sent it all to himself. He also got picture perfect copies of my birth certificate, passport and driver”s license.This all happened in 20 minutes, and all because of AT&T and a 21-year old criminal. This was most of my life savings and it”s been devastating to my family.”
Ross now runs the website StopSIMCrime.org, which aims to raise awareness and resources about the threat.
But despite Ross’s efforts, SIM swap frauds continues to occur, and some victims have lost much more than $1 million.
Abode IoT Security Camera Vulnerabilities Would Let Attackers Insert Images, Bitdefender Finds
December 21, 2021
Online Shoppers Beware, Mobile Scams Are on the Rise
December 17, 2021
The Holiday Guide to Tech Support: Fixing the Family Computer
November 24, 2021
Bitdefender Celebrates 20 Years of Cybersecurity Leadership
November 04, 2021
Bitdefender Study Reveals How Consumers Like (and Dislike) Managing Passwords
October 26, 2021
What are drive-by download attacks and how do you prevent them?
October 25, 2021