FCC Tightens Telco Rules To Combat SIM-Swapping
Moving to clamp down on the growing scourge of SIM-swapping and port-out fraud, the Federal Communications Commission (FCC) has unveiled new rules mandating telcos to give consumers greater control of their mobile phone accounts. Under the new rules, wireless carriers are required to notify customers of any SIM transfer requests, a measure designed to thwart fraudulent attempts by cybercriminals. The FCC has also revised its customer proprietary network information and local number portability rules, making it more challenging for scammers to access sensitive subscriber information.
The new protective measures (PDF) are meant to address SIM-swapping and port-out attacks widely documented in cybercriminal attacks against businesses and consumers. The attack technique is used to hijack mobile accounts, change and steal passwords, bypass MFA roadblocks and raid bank accounts. Studies have found that major mobile carriers in the US are vulnerable to SIM-swapping with the Federal Bureau of Investigation (FBI) receiving thousands of consumer complaints every year.