The FCC is finally stepping in to fight SIM swapping scams

SIM swap attacks and port-out fraud are major issues, with incidents happening almost daily in the U.S. Now, the FCC is stepping in.
Thieves have been exploiting carrier customer services to commandeer a person’s mobile phone line without ever having physical access to the original phone. This gives the attacker access to a person’s SMS-based two-factor authentication codes which can be used to access everything from a victim’s email account to their cryptocurrency accounts.
The process is known as a “SIM swap attack”, and it involves contacting the victim’s carrier to initiate a phone number transfer to a SIM card that the thief has in their possession. If successful, the real owner’s phone will immediately lose service, and the thief will gain access to all calls and texts sent to their number. The thief then moves quickly, often combining data from a variety of data breaches, to access the victim’s accounts and drain them of funds.
A similar method, called a “port-out attack”, es…

Written By: Victor Wright

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