Telecom Operators Launch New Tools to Curb SIM-Swap Fraud
Portuguese telecommunications providers MEO, NOS, and Vodafone have joined an international initiative to prevent banking fraud through automated number and SIM card verification. The new tools allow financial institutions to check whether a customer's SIM card was recently duplicated before authorizing account access or money transfers. The measure specifically targets SIM-swapping schemes, in which scammers obtain duplicate cards to intercept two-factor SMS verification codes.
SIM swapping is a type of identity theft where a criminal convinces a mobile operator to transfer an existing phone number to a new SIM card under their control. Once active, the attacker intercepts calls and SMS two-factor authentication codes to access bank accounts and online services. Mobile operators in Portugal and across Europe are introducing automated verification tools to alert banks when a phone number has recently changed SIM cards.
