New reports indicate a massive breach in security.
Two factor authentication was designed with security in mind, but hackers have found a way to intercept the code sent to your smartphone.
Security teams have known about such since roughly 2014, yet no one has taken action to thwart attacks, or implement patches.
“It was designed as a security measure to increase protection of internet users across the globe.
But hackers have used a well-known security vulnerability in worldwide mobile telecoms networks to steal access codes to online bank accounts.
The exploit could be used against any bank that uses two-step login verification, as well as high-profile websites like Facebook, Google and many others.
And until money has come out of your bank account, or malicious messages have been sent on social media, you won’t know you’ve been hit.
The attacks, first reported in Germany, are the first time that criminals have been able to exploit the Signal System 7 (SS7) to steal funds from bank accounts.
SS7 service helps mobile networks across the world route calls and texts, for example by keeping calls connected as users speed along roads, switching from signal tower to signal tower.” – Read More