A typical theft scenario is committed by firstly using techniques such as phishing or spyware to gain access to a victim's online transaction credentials. The next step is to be able to intercept the authentication SMS sent by the bank. This is easily done by procuring a new SIM and porting the victim’s mobile number. The fraud is then typically committed very shortly afterwards.
Value-add to existing fraud detection systems
Financial institutions can vastly improve their fraud detection systems by factoring in Mobile Number porting events as they occur in real-time. A simple example would be 'online funds transfer to a new payee, and mobile number has just been ported' - raise alert.