Port jacking undermines phone two-factor authentication

Two-factor authentication is touted as being the best type of security currently available for everyday users as it puts a password or token out of reach of thieves. Until recently, this method of security was annoying but somewhat reliable. Not now. Mobile phone porting is being used to defeat two-factor authentication to gain access to people's bank accounts, their social network and whole lives via email accounts. Hundreds of complains have been made to authorities about phone numbers being hijacked. Port jackers have successfully stolen thousands of dollars from victims with the number of reports for this type of theft increasing. In a statement Australia Telco said that they recognise the threat and are working on it.