Saturday, September 14, 2013

SIM Card Swap Fraud

This example is an extension of how man-in-the-middle-attack can work by using impersonation. By cloning Bure's SIM card the fraudsters were able to hack into the account, create a new beneficiary, which can be done only when the bank sends a client the one-time password via SMS, and transfer the money into several accounts. In this case the syndicate, armed with a fraudulent ID book in Bure's name, persuaded MTN to swap the Sim Card in Bure's absence. The Ubuntu project looks after orphaned and vulnerable children.

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