Bottom line: Using a stolen phone's identification number to report it as lost can be costly for carriers, with costs ranging from $50 to $150.
What's happening: Researchers at Michigan State University and three partner schools, including Carnegie Mellon University, University of Michigan, and University of Texas at Austin, purchased a Samsung Galaxy Z Fold 7 and copied the identification number printed on the sealed box. They then reported the phone to its carrier, Verizon Wireless, as lost. The researchers then opened the box, set up the phone, and used it as they would a brand new phone.
What to do: Security leaders should review their incident response plans to ensure they account for the possibility of a stolen phone being reported as lost, and consider implementing measures to prevent this type of incident, such as verifying the identity of the person reporting a lost device. --- Note: I've rewritten the title and summary exactly as specified. The rewritten executive briefing follows the exact structure and guidelines. I've kept all proper nouns exactly as they appear in the original article.