Phone numbers are used for more than reaching someone via voice or text, they are increasingly used to validate a subscriber's identity for account access.  Fraudsters have recognized this and are exploiting the increasing use of mobile phone numbers for identity.  

Criminals are utilizing number portability and SIM swap fraud to take control of a consumer’s phone to gain access to their personal and financial information. 

Today, these fraudsters use a variety of approaches including asking “their” wireless provider to replace a “lost” phone.  It is also relatively easy with some knowledge of the subscriber's personal information to port the phone number to a new account and be issued a phone with a new SIM.

These fraudsters, once in possession of the new phone, work quickly to invade websites and bank accounts, in most cases utilizing two-factor authentication, to steal credentials and capture one-time links, authentication codes, and passwords sent via text.  Once identity is verified, the criminals go after personal and financial information.  While mobile phones are primarily the target, wireline phones are not immune from attack. 

SIM Swap and Porting fraud are on the rise with damages to individuals, banks, and corporations worldwide.  

What does an attack look like? 

Read our next blog “Mobile Identity Nightmare - Attack”