It was a phone call we've all received.

A private number rings, you answer, then no response.

Lisa Johnston didn't think much of it when she hung up the call on Monday morning, but by that point the sophisticated scam was already underway.

"It's actually scary. It happened within minutes," the 34-year-old told 9News.

At 7pm that night Lisa received a message from Optus advising her that a request had been placed to transfer her number to another provider.

Lisa Johnston answered a call from a private number without thinking much of it. (9NEWS) (9NEWS)

Thirty seconds later, she received another text from Vodafone confirming that the request was complete.

When Lisa tried calling Optus her service had already been cut.

Fifteen minutes later, she got a notification from her bank saying $1000 had been withdrawn.

Detective Chief Inspector Matt Craft from the Financial Crime Squad said the fraudsters would have already gathered Lisa's personal banking details before stealing her number, “so they're able to answer any questions a financial or telecommunications institute has for them".

Phone porting – carried out onshore by organised crime gangs – has exploded in the past two years.

Within hours, her phone had been transferred to another provider and $1000 had been withdrawn from her bank account. (9NEWS) (9NEWS)

When Lisa tried calling Optus, her service had already been cut. (9NEWS) (9NEWS)

"Within the last 12 months it's cost Australians approximately $10 million in actual losses,” Detective Chief Inspector Craft said.

When asked why Lisa's phone transfer was processed within minutes without her authorisation, Optus said “by law, telecommunications carriers must complete the port within three hours of receipt of the request”.

Police want that time frame extended so that telecommunications providers can ensure customers’ identities are verified.

"There needs to be time for customers to respond and respond appropriately," Detective Chief Inspector Craft said.

One of the scariest things about this scam is how few details the hackers need to transfer your number – just your name, address and date of birth.

Lisa wants all telcos to tighten their security.

"Even banks ask you for a password or reference pin," she said.

These types of scams are costing Australians $10 million a year. (9NEWS) (9NEWS)

If your mobile phone goes dead or can't be used without any real reason, such as you haven’t paid your bill, you may be a victim of phone porting.

The advice is to contact your bank to make sure your account hasn't been compromised and then contact police.

Three days on, Lisa's phone still doesn't work and that money is still missing.