Has anyone heard of Port-Out Fraud? Another term for this type of fraud is SIM swapping. Port-Out Fraud is when a scammer fraudulently transfers your phone number to a new SIM card without your permission. It allows the scammer to access accounts and services linked to your phone number, potentially leading to identity theft and financial loss. Mobile phone numbers can legally be ported from one provider to the next when you switch phone service. While phone companies have safeguards in place to protect the process, scammers always find a work around. After all, where there is a will, there is a way! They gather as much information about their target as possible to try and con the victim’s phone company into believing the request to port out the number is coming from the authorized account holder. Basically, they fool the phone company into thinking you are you. How does Port-Out Fraud happen? How do you know you are a victim? How can you protect yourself? Let’s take a look at this emerging fraud trend and get answers to these questions.
How it Happens:
- Gathering Personal Information: Scammers use a variety of means to collect information on their victims. Whether it is through social media, phishing attacks, or purchasing information from cybercriminals, fraudsters can obtain access to your most personal details. Name, address, date of birth, SSN, nothing is off limits to a determined scammer.
- Impersonating You: Using the information they have gathered, a scammer may contact your phone company and impersonate you and request a port-out of your number. They have all the tools they need to be able to convince the phone company they are you, and in no time your phone number has been changed to a different carrier and device.
- Hijacks your line: If they are successful, the scammer now gains control of your phone number. They can intercept calls and texts including MFA (multi-factor authentication) and can use this information to gain access to your personal accounts.
- Access accounts: Once the port-out is complete, scammers can now reset passwords for online accounts, including your internet banking! This could potentially lead to your accounts being drained by the criminal.
Signs You Might Be a Victim:
- Your phone displays “No Service” or “Emergency Calls Only” without explanation.
- You receive messages from your carrier stating that your number is being ported to another network, but you didn’t initiate the request.
- You receive unexpected requests for MFA codes.
- You notice unauthorized activity in your financial or social media accounts.
How To Protect Yourself:
- Enable Port-Out Protection: Some phone carriers offer a feature that locks your phone number and requests additional verification before allowing the initiation of a port-out.
- Establish a PIN or Password: Contact your mobile carrier to set up a PIN or make it password required for any account changes.
- Use two-factor authentication: Enable MFA for your important accounts (like your bank) to prevent unauthorized access even if your number is successfully ported.
- Be Cautious with Personal Information: I cannot stress the importance of safeguarding your personal information. Avoid sharing details like your SSN, date of birth, online passwords, and bank account information with anyone you do not know.
- Monitor Your Accounts: Regularly check your bank and credit card statements for unauthorized transactions.
What to do if You Suspect Fraud:
- Contact your Mobile Carrier Immediately! Inform them of the situation and request assistance to secure your account.
- Notify your Financial Institutions including bank and credit card companies about potential unauthorized access.
- Report any fraud to police. You can also file a report with the Federal Communications Commission (FCC) and/or the Federal Trade Commission (FTC).
- Place a fraud alert and/or freeze on your credit with all three agencies: Equifax, Trans Union, and Experian.
Fraud happens daily, and scammers are not discriminatory with who they choose to victimize. By staying vigilant, being informed, and safeguarding personal information we can all help to protect ourselves and prevent as much fraud as possible.
