Meet ‘Simjacker,’ a nasty mobile vulnerability researchers say puts 1 billion phones at risk

A vulnerability in smartphone technology has made it possible for outsiders to conduct targeted surveillance against victims for the past two years, according to new security findings. Researchers from AdaptiveMobile Security said Thursday they found an SMS-based hacking technique that actively is being exploited by a spyware vendor to track individual phone users. The company did not disclose who is behind the surveillance or the identities of the victims. Researchers warned that the attack, dubbed “Simjacker,” has ramifications for more than 1 billion mobile phones worldwide. By relying on malicious text messages, hackers infect target phones to retrieve location information and other data. The attack leverages SIM cards, a circuit that stores customers’ international mobile subscriber information in a way that isn’t restricted to a single phone platform. “This is potentially the most sophisticated attack ever seen over core mobile networks,” Cathal Mc Daid, AdaptiveMobile Security’s chief technology officer, said in a […]

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Astronomical costs, geopolitical headaches: Telecom fraud is too big to ignore, report says

International telecommunications fraud — a broad category that includes everything from consumer scams to corporate ripoffs — costs over €29 billion (roughly $33 billion) per year, according to a report published Thursday by Europol and Trend Micro. The fraud isn’t just costly, it’s also endlessly frustrating for the companies and for law enforcement, the report’s authors say. The illicit activities range from tricking individuals into divulging their personal information to perpetrating international revenue share fraud — a complex scheme inspired in part by traditional money laundering techniques. “Geopolitically, most telecom crime tends to be addressed by the telecom companies themselves,” the report states. “The costs are absorbed as the cost of doing business. This creates a kind of isolation, however. Without thorough cross-border intelligence sharing and intelligence fusion with law enforcement, the source, investigative method, and evidence cannot be connected in a way that results in a meaningful number of arrests […]

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Hacker Who Stole $5 Million By SIM Swapping Gets 10 Years in Prison

A 20-year-old college student who was accused of stealing more than $5 million in cryptocurrency in a slew of SIM hijacking attacks is the first person to be sentenced for the crime. Continue reading Hacker Who Stole $5 Million By SIM Swapping Gets 10 Years in Prison

Bitcoin Investor Sues AT&T After Losing $23 Million In SIM Swap Hack

An investor is asking AT&T to pay $220 million in damages in the first-ever lawsuit that attempts to hold carriers accountable for port out scams. Continue reading Bitcoin Investor Sues AT&T After Losing $23 Million In SIM Swap Hack