Yes, SIM swap victims may be able to recover stolen funds, but it depends on how the fraud occurred and which financial institutions were involved. If a hacker accessed your bank account, crypto wallet, or trading account using your stolen number, you should report the incident immediately and file a fraud claim with the financial institution.
Banks and crypto exchanges often have internal fraud departments and security protocols for handling account takeovers. If it can be shown that the institution failed to protect your account or ignored security red flags, you may have grounds for a refund or even legal action. Crypto platforms are less regulated, which can complicate recovery, but some offer reimbursement in specific cases.
Additionally, you may pursue legal claims against your phone carrier for negligence if they allowed the SIM swap to occur without proper safeguards. You should also file reports with the FTC, FBI’s Internet Crime Complaint Center (IC3), and local law enforcement to support any future claims.
Time is critical. The sooner you act, the higher the chance of stopping the fraud and recovering your losses. Legal help is often necessary for SIM swap victims, especially in complex or high-value cases.
