Action Fraud - TSB "port-out" fraud

There has been an increase in reports made in May by TSB customers relating to “port-out” fraud. Fraudsters are number porting a victim’s telephone number to a SIM card under their control and then using the number to access the victim’s bank accounts. The increase in the number of reports corresponds with the timing of TSB’s computer system update, which resulted in 1.9 million users being locked out of their accounts. Opportunistic fraudsters are using TSB’s system issue to target individuals, which follows the increase in phishing and smishing communications also targeting TSB customers this month. Victims’ bank account and personal details including their phone number are collected by the fraudster, providing them with the information to execute the fraud. Number porting is a genuine service provided by telecommunication companies. It allows customers to keep their existing phone number and transfer it to a new SIM card. The existing network provider sends the custo...