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    Europol arrests suspects for SIM swapping method

    Online banking is convenient and banks are pushing customers to use this method. Some bank customers still use mTANs to secure transactions. These are transaction numbers that are sent to a smartphone with SMS.

    Using this, a transaction can then be authorized on a second computer and thus activated. This two-factor authentication should actually rule out abuse. Even if the computer is infected with malware, the criminals would have to have the victim’s cell phone to release payments.

    The criminals managed to get the online banking data of the victims of the various banks using hacking techniques such as the use of bank Trojans or other types of malware. As soon as they had this access data, the suspects requested a duplicate of the victims SIM cards and falsified documents available to the mobile operators. With these duplicates in their possession, they received the mTANs for transactions directly on their phones. This enabled them to confirm transfers from the victims online accounts. The transfers were transferred to accounts of accomplices. These took off the amounts to cover up the traces of the group.

    Europol Was Able To Lift A Gang Of 15 People

    The hackers were using the SIM swapping method outlined above, cheated dozens of online banking customers and cleared their accounts. Europol has carried out two SIM swapping fraud investigations. As a result, two criminal SIM swapping groups were in collaboration with local law enforcement agencies from Europe. The members were arrested. The suspicions were suspected to be part of a hacker ring that stole over 3 million euros in a series of SIM swapping attacks. Meanwhile, 15 people have been arrested.

    Hackers keep coming up with new ways to steal money from unsuspecting victim accounts. Although it appears to be harmless, SIM swapping doesn’t just rob victims of their phones: SIM imposters can empty your bank account in a matter of hours. Law enforcement is addressing this threat with coordinated action across Europe.

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