What's Your Most Important Financial Number? It's Not What You Think.

When considering your most crucial financial number, many might first think of their Social Security number or bank account number. However, an often overlooked but increasingly vital number is your mobile phone number.

-Why Your Mobile Phone Number is Important

Your mobile number plays a critical role in your digital identity. Banks, businesses, and payment services frequently use text messages to verify your identity when you request updates or changes to your accounts. Savvy scammers know this and have developed ways to hijack your mobile phone number to assume your identity, intercept security protocols, and gain access to your financial and social media accounts.

-The Porting-Out Scam: How It’s Done

One prevalent method scammers use is the porting-out scam. Here’s how it works:

1. Gathering Information: Scammers first collect personal details such as your name, address, birth date, PINs, passwords, and the last four digits of your Social Security number. They might get this information through phishing attempts, impersonating trusted businesses, or by purchasing stolen data from the dark web.

2. Initiating a Porting Request: With your personal information in hand, scammers contact your mobile phone provider and request to port your number to a different device or service. They impersonate you and convince the phone company that the request is legitimate.

3. Hijacking the Number: If successful, the scammer’s device receives your texts and calls. This access allows them to reset your financial and social media account credentials.

4. Taking Action: The scammer then attempts to drain your bank accounts or ransoms your social media accounts back to you.

-How to Protect Yourself

*Be Proactive

- Set Up a PIN or Password: If you haven’t already, contact your phone company to add a PIN or password for account verification.

*Stay Vigilant

- Enable Notifications: Set up both email and text alerts for your financial and other significant accounts. This way, you’ll be immediately aware of any unauthorized changes.

*Don’t Respond to Suspicious Requests

- Verify Callers: If you receive a call or text asking for personal information, do not provide it. Instead, contact the business directly using a trusted number.

*Guard Personal Information

- Limit Oversharing: Protect details that can verify your identity, such as the last four digits of your Social Security number, your phone number, date of birth, and other personal information. Avoid sharing this information on social media.

*Act Quickly if You Suspect a Scam

Loss of service on your device, such as your phone going dark or only allowing 911 calls, is often the first sign of a porting-out scam. If you suspect you’ve been targeted:

1. Contact Your Phone Company: Inform them of the unauthorized porting and work to reclaim your number.

2. Notify Financial Institutions: Alert your bank and other financial services about the breach.

3. File a Police Report: This creates an official record of the identity theft.

4. Place a Fraud Alert: Contact credit bureaus to place a fraud alert on your credit reports and obtain copies of your reports.

5. File a Complaint: Report the incident to the FCC through their Complaint Center and the FTC for identity theft and consumer fraud issues.

By taking these steps, you can better protect your digital identity and safeguard your financial and social media accounts from porting-out scams. Remember, your mobile phone number is a critical piece of your financial security. Guard it diligently.