I agree it sucks. Sadly, the world we live in. It’s a stop gap. Most people aren’t special enough to have their shit scooped up by some foreign telco operator.
The issue goes far beyond foreign telco operators.
1. It is quite easily to accidentally take over someone's account(s) on various mobile apps when you get a new phone number these days. Many apps will allow you to log in with your phone number, reset password or do one-time login via SMS, etc. Some even do it automatically as a convenience. This isn't an edge case issue -- this happens on several of the top social media platforms, etc.
2. SIM swapping is still a viable fraud vector for identity theft and financial crime.
3. It is very vulnerable to phishing, and its prevalence only has exacerbated that.
1. It is quite easily to accidentally take over someone's account(s) on various mobile apps when you get a new phone number these days. Many apps will allow you to log in with your phone number, reset password or do one-time login via SMS, etc. Some even do it automatically as a convenience. This isn't an edge case issue -- this happens on several of the top social media platforms, etc.
2. SIM swapping is still a viable fraud vector for identity theft and financial crime.
3. It is very vulnerable to phishing, and its prevalence only has exacerbated that.