FINANCIAL EDUCATION

At MainStreet Bank, we are committed to helping you stay ahead of changing threats. As security technology continues to evolve, so do cybercriminals, developing new schemes to steal your money.

Today, most of our important accounts are secured by our phones. Many companies use two-factor authentication, sending your phone a code to verify your identity. It’s a robust layer of security that prevents your accounts from being accessed if your password is stolen in a data breach or phishing attempt.

But there’s a new fraud taking advantage of this security measure. In “port-out” or “SIM swapping” fraud, criminals route your phone number to their device, stealing your authentication codes so they can break into your accounts. These attacks can be devastating, with victims losing over $17 million to SIM swapping schemes in 2025, according to the FBI’s Internet Crime Complaint Center.

How It Works

The process begins when a fraudster harvests your personal data. They often leverage details found in public social media profiles, purchase information leaked in major data breaches, or use phishing tactics to trick you into revealing sensitive information directly.

Armed with specific identifiers—such as your home address, date of birth, or partial Social Security and credit card numbers—the criminal impersonates you to your mobile carrier. By successfully navigating the carrier’s verification, they convince the company to reroute your phone number to a device in their possession, effectively hijacking your incoming calls and texts.

With control over your number, the attacker can intercept the verification codes used for two-factor authentication. These stolen codes allow them to bypass security, reset your passwords, and infiltrate your most sensitive digital accounts.

The ultimate goal is financial gain. Criminals may drain your funds through direct transfers or lock you out of your own accounts, demanding a significant ransom before they will relinquish control back to you.

Signs to Look For

If you are targeted by port-out fraud, you’ll likely see one of the following:

1. Service outage: You unexpectedly lose cell phone service in a place where you usually have service. You may notice your carrier’s name and reception bars are now replaced with an “SOS” icon.

2. Account notification: You receive a text, email, or phone call saying your number has been successfully transferred to a new carrier or device.

If one of these occurs, take action immediately:

• Contact your mobile carrier right away if you suspect an unauthorized port or transfer has occurred.
• Once you’ve confirmed the situation, contact your banks and financial institutions to freeze your accounts.
• Place a fraud alert on your credit report.
  
• File a report with local police and submit a complaint with the FCC at consumercomplaints.fcc.gov.

Preventing an Attack

Port-out and SIM swapping attacks are frightening, but there’s good news: You can take action today to protect yourself and your accounts.

Here are our top tips:

• Lock your number. Ask your phone company if they have a “line lock” or “number lock” option, a security measure that blocks all number transfers. Removing the lock usually requires additional verification or a waiting period.
• Add extra security. Set up a PIN or password to use with your phone company.
• Stay alert. Keep watch for unexpected notifications about account activity. Remember: Scammers sometimes send fake account notifications. Never click links and always contact the company directly to verify the alert is legitimate.
• Prioritize privacy. Avoid oversharing online and keep your social media accounts private. 
• Guard personal information. Never give out personal information in response to an unsolicited call, text, or email. Check out our Can You Spot a Phishing Scam? article for more tips on spotting a phishing attempt.
• Practice password safety. Use strong, unique passwords on all your accounts. For more tips on secure passwords, check out our Prioritizing Password Safety article.

Our Commitment to Your Security

At MainStreet Bank, we are always working to protect your accounts and data with our advanced security measures. We stay on top of the latest frauds and scams targeting our community, and are committed to helping our customers stay informed.

Have a question about securing your MainStreet Bank accounts? Our team is always happy to help.