Woman Loses Life Savings in SIM Swap Scam

Wei Shen says up until earlier this year, retirement was within reach.

“I wanted to retire next year, 2023,” she said. “When I’m 65.”

She had saved well over $68,000 — it's money she was counting on to make that retirement possible. But she said that money is now gone.

“It has been very, very difficult because it changing [sic] my life,” she said.

It all happened within a few hours on March 24, after Wei said her cellphone suddenly went silent.

“Phone was so quiet,” she said. “No vibration, nothing at all.”

She couldn’t make or receive calls. So she eventually went to a T-Mobile store, where she learned her SIM card was no longer working.

“And then they switched it to a new one and it start working,” she said.

Wei, the apparent victim of a SIM swap scam, soon realized someone had transferred tens of thousands of dollars out of her Citibank accounts.

“Somehow … the money all went out,” she said.

SIM swap scams involve fraudsters posing as the victim and getting the cellphone carrier to transfer the victim’s SIM card to a different phone. Once that happens, they can reset the victim’s passwords and gain access to their accounts.

Records Wei shared with NBC 6 show three separate wire transfers happening on the same day her phone stopped working. Those transactions totaled $68,625, draining her bank accounts. She said she called Citibank right away and reported the fraud.

Weeks later, Wei received several letters from Citibank.

“Three letters, actually, saying that my claim was … denied,” she said.

The reason for the denial, according to the letters, was that Wei did not take adequate steps to safeguard her accounts.

“I thought that was very unfair because who wouldn’t safeguard his or her account?” she said.

Over several months, NBC 6 emailed with a Citibank spokesperson and asked a series of questions, including how they determine if someone had sufficiently safeguarded their accounts and what is done to protect accounts from fraudulent transfers.

In a statement, Citibank said they “… have a great deal of sympathy for those who fall victim to fraud” and that they “…did everything possible to seek the recovery of funds that were taken from Ms. Shen by fraudsters using her personal and account information.”

Wei doesn’t understand how the wire transfers were allowed to go through, since she said that type of activity was unusual for her accounts.

“I only transfer money to myself my whole life with this account,” she said. “Never did any wiring.”

“Swapping is gaining popularity,” said Paige Hanson, chief of cyber security education at Norton LifeLock.

Hanson said once a fraudster swaps your SIM card, they act quickly.

“The fraudsters are going to try to wipe out your bank account and try to maximize their efforts as soon as possible,” she said.

So if you notice your phone suddenly stops working that’s a big red flag, Hanson said.

That’s why the first thing you should do is contact your cellphone company immediately.

As for Wei, she filed a police report and submitted an affidavit with the bank, reporting the theft. But she said her claim remains denied and she plans to continue fighting to get her money back.

T-Mobile told NBC 6 they had looked into what happened and their “…Care team continues to be available to help navigate a resolution.” They did not elaborate on what that entailed.

If you are a victim of SIM swap or other scams, consider reporting what happened to your local law enforcement as well as the following agencies:

Federal Trade Commission: ReportFraud.ftc.gov

Florida Attorney General: Florida Attorney General - File A Complaint (myfloridalegal.com)

Consumer Financial Protection Bureau: consumerfinance.gov/complaint

FBI’s Internet Crime Complaint Center: Internet Crime Complaint Center(IC3) | File a Complaint

Better Business Bureau: File a Complaint | Consumer Complaints | Better Business Bureau® (bbb.org)

Better Business Bureau’s Scam Tracker: Report a Scam | BBB Scam Tracker | Better Business Bureau