Scams over telecommunications networks are an increasing problem, causing financial and emotional harm to victims. The Australian Competition and Consumer Commission recently estimated that losses reported to Scamwatch are likely to reach $532 million in 2019.
The direct financial costs of fraudulent mobile number porting are difficult to estimate because telephone fraud is relatively common but underreported.
IDCARE reports that approximately one in three victims on average experience a financial loss because of fraudulent porting, and that on average this loss is of $11,368.
Tackling telecommunications scams is a priority for the Morrison Government. New identity verification measures will be required before mobile numbers can be transferred from one provider to another. Read more at: http://lbr.al/fwvi