FCC revises Verizon phone unlocking rules after significant fraud issues

WASHINGTON: The Federal Communications Commission revised a long-standing rule ⁠that required Verizon Communications to unlock its mobile phones 60 days after activation, which it said is costing the telecommunications company hundreds of millions of dollars annually ‌due to ‌fraud.

The FCC said the action “closes a loophole that sophisticated criminal networks and everyday lawbreakers ‌alike have exploited to engage in illicit activity.” It added that Verizon’s unlocked handsets are often stolen and resold for premium prices on the dark web, particularly in countries like Russia, China, and Cuba.