What's worse than thieves hacking into your bank account? When they steal your phone number, too
What is port-out hijacking or SIM-swapping?
Port-out hijacking, also known as SIM-swapping, is a form of identity theft where criminals take over your phone number by tricking your carrier to connect your number to a SIM card they control2. This allows them to intercept calls and texts intended for you, including authentication messages, enabling access to your bank or other accounts.
How much money was initially attempted to be transferred fraudulently?
The initial fraudulent transfer attempt was for $20,000 from the victim's credit card to an unfamiliar Discover Bank account.
What federal regulations are under review to prevent SIM-swapping?
The Federal Communications Commission (FCC) has introduced new rules requiring wireless providers to adopt secure methods of authenticating a customer before redirecting a customer's phone number to a new device or provider, in an effort to prevent SIM-swapping and port-out fraud1.