AT&T rolls out Wireless Account Lock protection to curb the SIM-swap scourge
1 min read
Summary
AT&T is introducing a new layer of protection in an attempt to combat a lucrative form of account hijacking known as SIM swapping or port-out fraud.
The move comes as prosecutors last year revealed a single SIM swapping scheme netted $400m in cryptocurrencies.
The scam usually sees the perpetrator gain access to an existing account holder before either tricking mobile employees into divulging information or bypassing the normal checks and balances to reroute communications to a new device and disrupt two-factor authentication.
AT&T’s new measure aims to prevent any changes being made to an account without clearance from the primary account holder.
SIM swapping scams have become increasingly common as cryptocurrencies have become more mainstream.
