Never thought about the porting aspect before. If someone can port your number (transfer YOUR number to THEIR phone) then they're effectively intercepting your SMSs, and can authenticate an action they perform.
The Australian government uses SMS 2FA to log into its "MyGov" service. If someone was able to gain access to the MyGov login credentials of the victim, and subsequently port the phone number over, they'd have control of their tax accounts, social security benefits, medicare, ......
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