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Hackers exploit SS7 flaw to drain bank accounts

08
May
2017
Hackers exploit SS7 flaw to drain bank accounts

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From as early as 2014, common vulnerabilities in Signaling System 7 (SS7) have been spotlighted for allowing cybercriminals to spy on conversations and text messages on mobile phones, but also track location by simply knowing the victim’s phone number.

Having ignored the warning signs, the telecom system is now used to bypass two-factor authentication and hack into users’ bank accounts. This has been confirmed by O2 Telefonica, the German network provider, which had a few customers affected. If criminals can intercept phone messages with safe codes, millions of internet users will struggle with major privacy and security risks.

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