Porting allows customers to take their phone numbers with them when they change phone carriers.  A scammer finds out your name and phone number and then attempts to gather as much personal identifiable information (PII) as possible about you. PII includes name, address, Social Security number (Social Insurance Number in Canada), date of birth, and other information that can be used for identity theft. 

They then will contact your mobile provider, impersonating you, and inform them that your phone was stolen and request the number be “ported” with another provider and device.  Once they have your number ported to a new device they can then start accessing and gaining entry to accounts that require additional authorization in terms of a code texted directly to your phone for security verification.  Those added security measures are usually in place on accounts provided by email providers, social networks, tax preparation software, and even financial institutions. You may then notice a loss of access to important accounts as the attacker changes passwords, steals your money, and gains access to other pieces of your personal information.