Here is a real-life story of a few days ago about the same matter in this article in a step by step horror that happened to a young guy - by using 2 step sms:
https://steemit.com/bitcoin/@sensatus/if-you-have-a-coinbase-account-beware-spread-the-word-fellow-steemians-and-cryptotraders
It is unbelievable. I never knew of a sms phone swap, but seems it is not that uncommon.
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