Port-out hijacking, also known as SIM swapping, is a sophisticated form of identity theft that has been on the rise in recent years. It goes beyond hacking into your accounts by actually taking over your phone number. This allows criminals to intercept calls and texts, making it easier for them to gain access to sensitive information.
Even if you are tech-savvy and follow all the recommended security practices, you can still fall victim to port-out hijacking. Two-factor authentication, which is commonly used to protect accounts, can actually be used against you in these types of scams. When criminals have control of your phone number, they can intercept the verification texts, making it easy for them to break into your accounts.
The FBI Internet Crime Complaint Center has reported a significant increase in SIM swapping complaints over the years, with personal losses totaling millions of dollars. Complaints to the FCC have also doubled, indicating a growing trend in this type of cybercrime. Experts believe that the actual rate of the crime is much higher since many cases go unreported.
In response to the rise in port-out hijacking incidents, the FCC has introduced new rules aimed at protecting consumers from this type of scam. The rules require wireless providers to adopt secure methods of authenticating customers before redirecting phone numbers to new devices. This includes additional security measures such as government identification, voice verification, or extra security questions.
While the new FCC rules are a step in the right direction, there are challenges in implementing them. The wireless industry has requested a delay in the enforcement of the rules to allow more time for compliance. Companies will need to make significant changes in technology and procedures to ensure the protection of consumer data.
While the new regulations offer more protection for consumers, awareness and action are key in preventing port-out hijacking. Ohio State University Professor Amy Schmitz raises concerns about whether consumers will be aware of the new rules and take the necessary steps to protect themselves. It is crucial for individuals to stay informed and vigilant when it comes to safeguarding their personal information.
As a finance journalist with a law degree, I thought I was well-prepared to protect myself online. However, I fell victim to port-out hijacking and had $19,000 stolen from my credit card. It took days to recover my phone number and money, even though I took all recommended security measures. This experience highlighted the importance of being proactive and staying informed about evolving cybersecurity threats.