Hacker Offers Upto $300 To Mobile Networks Staff For Illegal SIM Swaps

A SIM Swap Scam or SIM Cloning Scam exploits a vulnerability in a two-factor authentication (2FA) system that relies on SMS messages for verification codes, where attackers aim to gain control of the victim’s mobile phone number by convincing the victim’s mobile carrier to transfer the number to a new SIM card under the attacker’s control.

The attacker typically initiates the scam by acquiring the victim’s personal information, including their phone number, which can be obtained through various means, such as data breaches, social engineering attacks (e.g., phishing emails or smishing attacks), or by purchasing the information on the dark web.

Breakdown Of The Technical Aspects Of A SIM Swap Scam:

Once the attacker has the victim’s phone number and potentially other personal details (e.g., Social Security Number, date of birth), they contact the victim’s mobile carrier while impersonating the victim. 

Free Webinar | Mastering WAAP/WAF ROI Analysis | Book Your Spot

To appear legitimate, attackers may use social engineering tactics to convince carrier representatives that they have lost their phone or SIM card and request a replacement. 

Weaknesses in the carrier’s verification process, such as relying solely on security questions with predictable answers or a lack of multi-factor authentication for customer service representatives, can increase the scam’s success rate.

As reported by Reddit, if the social engineering is successful, the attacker convinces the carrier to issue a new SIM card and activate it on their device, effectively porting the victim’s phone number to the attacker’s controlled SIM card.

With the phone number under their control, the attacker can intercept any SMS messages sent to the victim’s number, including 2FA codes for various online accounts (e.g., bank accounts and social media accounts).

Attackers can bypass 2FA security measures and potentially take over the victim’s accounts by gaining access to these codes.

Once attackers have access to the victim’s accounts, they can wreak havoc by stealing money by transferring funds from bank accounts, making unauthorized purchases using linked credit cards, or even committing identity theft by using the victim’s personal information for fraud.

Mitigate The Risk Of SIM Swap Scams:

Carriers can stop relying solely on knowledge-based authentication (e.g., security questions) and implement multi-factor authentication for customer service interactions.

This involves sending a one-time verification code to a trusted email address or registered device before processing any SIM swap requests.

Biometric verification using fingerprints or facial recognition can be a more robust way to confirm a customer’s identity during SIM swap requests.

Carriers can educate their customer service representatives on the tactics used in SIM Swap Scams and train them to be more vigilant in identifying and preventing such attempts.

Looking to Safeguard Your Company from Advanced Cyber Threats? Deploy TrustNet to Your Radar ASAP.

The post Hacker Offers Upto $300 To Mobile Networks Staff For Illegal SIM Swaps appeared first on GBHackers on Security | #1 Globally Trusted Cyber Security News Platform.