Investor Sues AT&T Over Two-Factor Security Flaws, $23 Million Cryptocurrency Theft (fastcompany.com)

An anonymous reader quotes a report from Fast Company: Crypto investor Michael Terpin filed a $224 million lawsuit against AT&T in California federal court Wednesday alleging that the phone company's negligence let hackers steal nearly $24 million in cryptocurrency from him, Reuters reports. He's also seeking punitive damages. Terpin says hackers were twice able to convince AT&T to connect his phone number to a SIM card they controlled, routing his calls and messages to them and enabling them to defeat two-factor authentication protections on his accounts. In one case, he says hackers also took control of his Skype account and convinced one of this clients to send money to them rather than Terpin. The second hack came even after AT&T agreed to put an additional passcode on his account, when a fraudster visited an AT&T store in Connecticut and managed to hijack Terpin's account without providing the code or a "scannable ID" as AT&T requires, he says.

Comments

That actually seems like a legit case

[Anonymous Coward]

He might win and in the process force ATT to stop sucking at security. That would be a win for everybody.

Wo what was the first factor that failed?

[ffkom]

Sure, AT&T might provide horrible security, so their mobiles are not a good 2nd factor.

But isn't as much blame to put on whoever maintained the first factor? The article doesn't tell us how and why that factor failed...