Port-Out Scam

In the latest scam, fraudsters are impersonating mobile phone users in order to have phones transferred to a different carrier –effectively stealing the user’s mobile phone number. This is being coined as a port-out scam. Once transferred to a different carrier, the fraudster receives all calls and texts that were intended for the user –including those that can be used to take over a member’s account via online banking. Fraudsters have successfully intercepted one-time passcodes used to authenticate members logging into their account or to initiate transactions within online banking.

Major mobile phone carriers, such as T-Mobile and AT&T, are recommending to their customers to place a “port validation password” on their accounts. If a user wishes to port their mobile phone to a different carrier, the new carrier would have to provide the “port validation password” to the existing carrier before the switch can take place