These are two types of frauds where scammers target your personal information to impersonate you and access banking and other accounts linked to your phone. They issue requests to port (or transfer) your phone number to a different wireless service provider or request a SIM swap, so they can gain access to your phone number.
Once they gain control of your number, they’ll have access to all the services you’ve linked to your phone: bank accounts, emails, pictures, phone calls, text messages and so on. They can then use the “forgot password” feature and use the verification code they receive to change passwords and take over your online accounts.
All network operators follow the same number porting system established by the Canadian Radio-television and Telecommunications Commission (CRTC) so that customers can easily transfer to another service provider and keep the same phone number.
Fraudsters start by trying to find information about you – your name, phone number and any other facts they can find. They look for this information on social media sites or may trick you into providing this information by sending you phishing mails, phone calls or texts.
Once they have enough personal information, they move to the next step – taking over your phone number through either porting the number or swapping the SIM.