Two-factor authentication: A Safeguard to Account Login

Users who rely on two-factor authentication via SMS and consider it as a safeguard for account login are in a fix. Cyber miscreants are embarking on new tactics to swindle users.

The second layer of authentication implemented on applications to keep accounts protected usually involves a code sent on the mobile devices via SMS. However threat actors have devised decisive tactics to acquire the code sent on the mobile phones and hence gain unauthorized access to your device or application. These tactics include:

Intercepting unencrypted messages sent over a network: Attackers leveraged this ingenious technique to target German Bank Accounts last year. Threat actors exploited the vulnerability in the signaling network of telecom operators to redirect calls and text messages. Hence, users attempting to login to their bank accounts waiting to receive a code via a text message were deceived. The text message containing the code were re-routed to hackers that enabled them access user’s bank account and deprive them of their hard earned money.

Steal telecom Operators database information that comprise of user personal details: T-Mobile, an infamous telecommunication brand suffered from data breach last year. Vulnerability in the API of T-Mobile’s website was utilized to acquire personal details of the users. This information was used to impersonate them and obtain a copy of their SIM cards.

Social Engineering: Instances have been reported wherein cyber miscreants are known to have persuaded telecom operators to provide an identical SIM on the pretext of having lost their phones.

Read Full Article Click Here