Security News > 2021 > October > The FCC proposes rules to fight SIM swap and port-out fraud
The Federal Communications Commission in the U.S. this week announced that it started to work on rules that would pull the brake on SIM swapping attacks.
The decision comes after the agency "Received numerous complaints from consumers who have suffered significant distress, inconvenience, and financial harm as a result of SIM swapping and port-out fraud."
Along with port-out fraud, scammers use SIM swapping to hijack someone's phone number and get access to two-factor authentication codes for financial services in particular.
SIM swappers are usually financially motivated and go after online banking and cryptocurrency exchange accounts.
FCC's action comes after the agency "Received numerous complaints from consumers who have suffered significant distress, inconvenience, and financial harm as a result of SIM swapping and port-out fraud."
A network of SIM swappers dismantled at the beginning of the year is believed to have stolen more than $100 million in cryptocurrency from thousands of victims, including celebrities in the U.S. More recently, Europol announced that cybercriminals with links to the Italian Mafia engaged in SIM swapping attacks and other cybercriminal activity that brought them more than €10 million.