The U.S. Court of Appeals for the Sixth Circuit recently upheld the dismissal of a financial institution’s putative class action lawsuit against a cellular service provider arising from a “SIM swap” scam,
holding that the financial institution had no claim for indemnification or contribution under the EFTA or state law.
A copy of the opinion in Michigan First Credit Union v. T-Mobile USA, Inc. is available at: Link to Opinion.
Certain customers of a financial institution became victims of a “SIM swap” scam whereby their cell phone numbers were hijacked through their cellular phone service company, and two-factor authentication codes allowing account access were intercepted. The scam resulted in numerous unauthorized electronic transfers being made from the customers’ accounts at the financial institution.
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