The growth of two-factor authentication through text messages has exposed users to new types of fraud, namely SIM-swapping. Criminals find a way to transfer an individual’s existing phone number to a new SIM card, and then gain access to their financial accounts by taking advantage of password recovery methods tied to text message authentication.
In an article published in DarkReading, Nicole Sette, Director in the Cyber Risk practice of Kroll, a division of Duff & Phelps, highlights this growing threat through a controlled simulation by hacking her own mobile number. Nicole shares the startling realization that if her accounts had not been linked to her mobile phone and were solely protected by complex passwords, they would have been more secure. She further shares the best practices to protect and safeguard against SIM-swapping.
Read the full article here.
