Intelligent CISO Issue 14 | Page 33

 PREDI C TI VE I NTEL L I GE NC E The enemy in your pocket: Large-scale SIM swap fraud With mobile phone payments now hugely popular, cybercriminals have been targeting the market in a wave of attacks. With SIM swap fraud nowadays conducted on a large scale, Fabio Assolini, Senior Security Researcher, Global Research and Analysis Team, Kaspersky Lab, tells Intelligent CISO how cybercriminals complete the fraud and the best ways to avoid being the next victim. M obile payment is huge worldwide. Mobile phone- based money transfers allow users to access financing and micro-financing services, to deposit, withdraw and pay for goods and services easily with a mobile device. In some cases, almost half the value of a country’s GDP goes through mobile phones. But nowadays these mobile payments are suffering a wave of attacks and people are losing their money – all powered by SIM swap fraud. Such attacks are nowadays conducted on a large scale. SIM swap fraud is a type of account takeover fraud that generally targets a weakness in two-factor authentication www.intelligentciso.com | Issue 14 and two-step verification, where the second factor or step is an SMS or a call placed to a mobile telephone. The fraud centres around exploiting a mobile phone operator’s ability to seamlessly port a telephone number to a new SIM. This feature is normally used when a customer has lost or had their phone stolen. Attacks like these are now widespread, with cybercriminals using them not only to steal credentials and capture OTPs (one-time passwords) sent via SMS but also to cause financial damage to victims. If someone steals your phone number, you’ll face a lot of problems, especially because most of our modern two-factor authentication systems are based on SMSs that can be intercepted using this technique. Criminals can hijack your accounts one by one by having a password reset sent to your phone. They can trick automated systems – like your bank – into thinking they’re you when they call customer service. And worse, they can use your hijacked number to break into your work email and documents. And these attacks are possible because our financial life revolves around mobile apps that we use to send money, pay bills, etc. How the cybercriminals do it The scam begins with a fraudster gathering details about the victim by using phishing emails, by buying information from organised crime groups, via social engineering or by obtaining the information following data leaks. Once the fraudster has obtained the necessary details they will then contact the victim’s mobile telephone provider. The fraudster uses social engineering 33