Patterson Law Firm and 1818 Work to Help Victims of Sim Swap Theft
Industry: Legal Services
Patterson Law Firm and 1818 in Chicago, IL, have filed multiple actions seeking recovery for millions of dollars lost to clients who were victims of Crypto Sim Swap theft.
Chicago, IL (PRUnderground) May 2nd, 2023
Sim swap hacks allow criminals to take control of a customer’s crypto accounts using two-factor authentication. Crypto trading platforms often employ inadequate safeguards to protect consumers in these cases and often allow theft even when there is substantial evidence the transfer requests are not from the legitimate account holder.
“There is a prevalence of fraud in the growing cryptocurrency world,” said Jordan Matyas, Illinois Department of Financial and Professional Regulation (IDFPR) licensing and compliance lawyer at 1818 and former financial regulator for the State of Illinois. “If your account is breached or your investment turns out to be fraudulent, you need to contact an attorney right away.”
What is Crypto Sim Swap Theft?
According to Patterson Law’s Mike Haeberle, SIM swap thieves get access to a user’s phone through their wireless carrier.
“Using this phone access, criminals often reset the user’s password on a cryptocurrency exchange and then steal the assets,” Haeberle explained. “Once a hacker takes over your phone, they can change your email password and prevent you from receiving 2FA alerts.”
Haeberle also added that if your crypto account has been hacked, you need to call a lawyer immediately.
A Growing Problem With a Heavy Price
In the last few years, the number of SIM swap cases and crypto fraud has continued to grow. In just two years, Patterson Law Firm and 1818 have been engaged by over 50 clients, with the majority of clients experiencing tens of thousands to hundreds of thousands of dollars of loss.
Patterson Law Firm and 1818 are calling on the telecom industry and crypto trading platforms to increase security and implement safeguards to protect consumers from these types of hacks and thefts.
1818 and Patterson Law are located at 200 W. Monroe St, Suite 2025, Chicago, IL 60606.
About Patterson Law
Mike Haeberle of Patterson Law firm is the Managing Member of the Chicago-based litigation firm that serves businesses and individuals and concentrates on business litigation emergencies, claims about insurance coverage, shareholder and LLC-member duties, commercial loans, supply or service contracts, construction contracts, commercial real estate, intellectual property agreements, and legal malpractice cases.
The firm has extensive experience in industries including banking, construction, trucking, legal, accounting, hospitality, manufacturing, tech, cryptocurrency, medical, insurance, retail stores, real estate, and sales.
