European governments have managed to beat two cybercrime groups that had been answerable for pilfering millions by employing the SIM swapping attack technique.
Additionally, referred to as SIM hijacking, this identity theft technique is utilized to take over the mobile phone number of victims. This enables malicious actors to intercept the victims’ phone calls and SMS messages and later make attempts to access their bank accounts.
To perform SIM hijacking, hackers trick the victim’s wireless supplier into replacing the mobile phone number to a SIM card that’s managed by the attackers. This allows the attackers to receive any banking OTPs which can be sent to the victim.
The two cybercriminal groups engaged in SIM hijacking scam were arrested in Spain and Romania. The gang held from Spain had reportedly initiated more than 100 assaults, stealing between €6,000 and €137,000 ($6700-$152,000) per attack. It’s believed that they have stolen over €3 million ($three.3 million) from these scams.
In Romania, watchdogs arrested a total of 14 members, who had used the technique to empty multiple bank accounts in Austria last year. The cybercrime gang exploited stolen credentials and hacked phone numbers to log into mobile banking applications and generate withdrawal transactions.
Fernando Ruiz, interim chief of Europol’s European Cybercrime Center, stated, fraudsters are always coming up with modern ways to steal money from the accounts of unsuspecting victims.