They stole almost 23,000 euros with the SIM swapping scam. Now Vodafone and Ibercaja will have to return it

A Spanish court has ruled that Vodafone and Ibercaja must refund nearly €23,000 to a customer who was a victim of a SIM swapping scam. This decision sets a precedent by holding both the mobile carrier and the bank accountable for financial losses incurred through this type of fraud. The ruling underscores the growing need for enhanced security measures in the digital realm. The court found that Vodafone issued a duplicate SIM card without proper verification, enabling a third party to access the victim's accounts. The attackers then used the duplicate SIM to obtain virtual bank cards and make unauthorized transactions. Although the bank initially returned some of the stolen funds, €22,833 remained unrecovered, leading to the legal proceedings. This ruling impacts consumers and financial institutions, highlighting the shared responsibility for digital security. The court's decision emphasizes that generic security warnings from banks are insufficient to absolve them of responsibility in cases of fraud. It also sends a clear message to mobile carriers about the importance of rigorous identity verification when issuing replacement SIM cards. This case adds to the growing body of legal precedents concerning digital fraud and consumer protection. It underscores the importance of robust security protocols and the need for companies to proactively protect customers from increasingly sophisticated cyber threats.