How Phone Number Theft Can Leave Your Bank Account Vulnerable: What You Need to Know

Money | July 14, 2024, 5:43 a.m.

Port-out hijacking, a form of fraud known as SIM-swapping, is becoming an increasingly common identity theft crime. Thieves are able to take control of your phone number, leading to potential financial devastation. Even with two-factor authentication, consumers are not fully protected. Recent data shows a significant increase in SIM-swapping complaints, with personal losses exceeding $68 million. Despite efforts to combat this crime, including new FCC regulations requiring wireless providers to adopt secure authentication methods, consumers remain at risk. The ease of switching phone numbers and obtaining personal information online leaves individuals vulnerable to these sophisticated criminals. While companies are working to implement new rules, it remains essential for consumers to be vigilant and take actions to protect their personal information. Ultimately, losing control of personal data highlights the critical need for increased consumer protection and cybersecurity measures.