OPEC+ further accelerates oil output hike by 548,000 bpd in August    UNRWA calls for urgent fuel delivery to Gaza to prevent shutdown of basic services    Syria rules out foreign borrowing as central bank hails post-Assad recovery    Pakistan army kills 30 militants in cross-border clash near Afghanistan    State of emergency declared in Crete after wildfire devastates Ierapetra    Football world mourns Diogo Jota and brother André Silva at funeral in Portugal    Al Hilal exit Club World Cup after narrow defeat to Fluminense    Saudi leadership congratulates President Trump on U.S. Independence Day    Saudi Crown Prince, Abu Dhabi deputy ruler discuss regional stability, strategic ties in Jeddah    Saudi Arabia tops global ICT Development Index for 2025    Alkhorayef Commercial Company partners with XSQUARE Technologies to elevate logistics automation in Saudi Arabia    Hotel occupancy in Saudi Arabia rises to 63% as tourism workforce tops 983,000 in Q1 2025    SFDA to penalize 996 erring establishments    German Chancellor calls Saudi Crown Prince to discuss regional developments    Portugal and Liverpool FC winger Diogo Jota dies in car accident in Spain    Michael Madsen, actor of 'Kill Bill' and 'Reservoir Dogs' fame, dead at 67    Lacazette joins NEOM SC as Saudi Pro League newcomers boost attack with French star    BTS are back: K-pop band confirm new album and tour    Michelin Guide launches in Saudi Arabia with phased rollout in 2025    'How fragile we are': Roskilde Festival tragedy remembered 25 years on    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



SIM swap fraud pervades in Arica
Published in The Saudi Gazette on 05 - 05 - 2019

During Kaspersky Lab's annual Cyber Security Weekend that took place in Cape Town, South Africa, Kaspersky Lab experts discussed the wide spread growth of mobile payments across the globe and the many cyber risks that surround such technology. Especially the recent SIM swap fraud wave, which have become very common in Africa and the wider region. In South Africa this type of fraud more than double in the last year, according a report of South African Banking Risk Information Centre (SABRIC).
A SIM swap fraud happens when someone convinces your carrier to switch your phone number over to a SIM card that a criminal possesses. In some cases, there are carrier's employees working together with criminals. By diverting your incoming SMS messages, scammers can easily complete the text-based two-factor authentication checks that protect your most sensitive accounts in financial services, social networks, webmail services and instant messengers.
Many African countries are suited to mobile payment methods. In fact, research notes that at the end of 2017, there were 135 live mobile money services across the Sub-Saharan African region, with 122 million active accounts. 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 their money as a result. 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 to the fraudsters access to currency accounts not only in banks but also in fintechs and credit unions. Fraudsters are also using it as way to steal money using WhatsApp, loading the messages in a new phone, contacting the victim's contacts asking for money, simulating an emergency situation.
"Despite financial inclusion services prospering, the flip side to this is that it opens up a world of opportunities to cybercriminals and fraudsters who are using the convenience a mobile phone offers to exploit and poke holes in a two-factor authentication processes. Frauds using SIM swap are becoming common in Africa and Middle East, affecting countries like South Africa, Turkey and UAE. Countries like Mozambique have experienced this firsthand. The implemented solution, by banks and mobile operators in Mozambique, as a result, is something I believe we must learn from and encourage other regions to investigate and apply, among other aspects, to mobile payment methods of the future – as a way to ensure that mobile phones do not become an enemy in our pockets," said Fabio Assolini, Senior Security Researcher of Kaspersky Lab.
The total money lost in the attacks varies by country: there are extreme cases, such as one in the United Arab Emirates, where one victim lost $ 1 million, while in South Africa one victim reported losing $ 20,000. "In average fraudsters can steal $2,500 to $3,000 per victim, while the cost to perform the SIM swap starts with $10 to $40", conclude Assolini.
In order to protect the growing mobile digital life and payment methods, Kaspersky Lab recommends the following key considerations:
• Voice and SMS methods avoided as authentication methods for payments - OTPs in mobile apps like Google Authenticator or the use of physical tokens should be used.
• Biometrics - there is no better authentication than that of a physical characteristic. Voice authentication is an option that can be investigated further.
• An automated ‘Your number will be deactivated' message – to be shared upon SIM swap request. This will support the user to report the activity, if it is not legitimate, faster.
• Activate 2FA on WhatsApp – in an attempt to minimize WhatsApp hijacking, activating Two-factor authentication using a six-digit PIN on your device is critical. This supports the user in having an additional layer of security on the device. — SG
div class=" simple-translate-button" style="background-image:url("moz-extension://1eb291e5-1d94-5949-827b-2f1c78b90df1/icons/512.png"); height:22px; left:-7px; top:25px; width:22px"


Clic here to read the story from its source.