AT&T is launching a protection feature designed to thwart unauthorized modifications to mobile accounts, combating SIM swapping and port-out fraud prevalent in wireless networks. This fraud, where scammers change SIM cards to hijack accounts, has led to significant financial losses, including a reported $400 million theft in cryptocurrency. Scammers often use tactics such as impersonating account holders or bribing carrier employees. The threat of SIM swapping has persisted for over a decade and has intensified alongside the growth of cryptocurrency.
AT&T is introducing a protection feature to prevent unauthorized changes to mobile accounts, specifically targeting SIM swapping and port-out fraud that have affected many subscribers.
SIM swapping can result in substantial financial loss, with allegations of a single scheme generating $400 million in stolen cryptocurrency from victims relying on two-factor authentication.
Various tactics are employed in SIM swapping, including impersonating account holders seeking new numbers and bribing carrier employees for unauthorized account changes.
The threat posed by SIM swapping is not new, having evolved over a decade, and it has intensified with the rise in cryptocurrency values.
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