Security News > 2023 > November > FCC adopts new rules to protect consumers from SIM-swapping attacks
The Federal Communications Commission has revealed new rules to shield consumers from criminals who hijack their phone numbers in SIM swapping attacks and port-out fraud.
In SIM swapping attacks, criminals trick a victim's wireless carrier into redirecting their service to a device controlled by the fraudster.
Under the new regulations, wireless companies must also promptly alert customers whenever a SIM change or port-out request occurs on their accounts.
"We require wireless carriers to give subscribers more control over their accounts and provide notice to consumers whenever there is a SIM transfer request, in order to protect against fraudulent requests made by bad actors," said Chairwoman Jessica Rosenworcel.
In February 2022, the FBI was already warning that criminals were escalating SIM swap attacks to steal millions by hijacking unsuspecting victims' phone numbers.
In contrast, 320 complaints reporting SIM swapping incidents with losses of $12 million were filed between January 2018 and December 2020, while IC3 received 1,611 such complaints with adjusted losses of over $68 million in 2021 alone.