The Russian-cybersecurity firm Kaspersky Lab is raising the alarm over increasing incidences of cybercriminals targetting end consumers of telecom companies in order to successfully pull off a cyber theft.
According to the Senior Researcher at Kaspersky Lab, Fabio Assolini, consumers in Africa are on average losing about $3,000. The SIM card is increasingly becoming the weak point in cybersecurity, as businesses providing services online reinforce the security through multiple user authentication mechanisms.
“While payment methods through mobiles offer a convenience that is hard to debate, Kaspersky Lab research shows that mobile payments and the banking system are suffering a wave of attack – mostly powered by SIM swap fraud and people are losing money as a result,” said Kaspersky Lab in a press statement.
“This type of attack is used to not only steal credentials and capture one-time passwords (OTPs) sent via an SMS, but also to cause financial damage to victims, resetting the accounts on financial services, allowing the fraudsters access currency accounts not only in banks but also in fintechs and credit unions.”
Fraudsters duping telecoms to perform illegal SIM Swaps
A fraudster will approach a telecom operator …read more
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