This is the best summary I could come up with:

After years of inaction, the FCC this week said that it’s finally going to protect consumers against a scam that takes control of their cell phone numbers by deceiving employees who work for mobile carriers.

The scams, known as “SIM swapping” and “port-out fraud,” both have the same objective: to wrest control of a cell phone number away from its rightful owner by tricking the employees of the carrier that services it.

More recently, these scams have been used by threat actors to target and in some cases successfully breach enterprise networks belonging to some of the world’s biggest organizations.

Just last month, Microsoft profiled a previously unknown group that regularly uses SIM swaps to ensnare companies that provide mobile telecommunications processing services.

The FCC rules have instead been written to explicitly give “wireless providers the flexibility to deliver the most advanced and appropriate fraud protection measures available.” Adding to the challenge is a gaggle of carriers with low-paid and poorly trained employees and cultures steeped in apathy and carelessness.

For the time being, SIM swaps and port-out scams are a fact of life, and there’s little reason for optimism that a handful of vaguely worded requirements will make a difference.

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