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From: Java Jive <java@evij.com.invalid>
Newsgroups: uk.telecom.mobile,comp.mobile.android
Subject: Mobile banking: alarm as fraudsters take over handsets and raid
 accounts
Date: Sat, 13 Jul 2024 11:58:58 +0100
Organization: A noiseless patient Spider
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https://www.theguardian.com/money/article/2024/jul/13/mobile-banking-fraudsters-accounts-scams-refund-victims

"Mobile banking: alarm as fraudsters take over handsets and raid accounts

Scams underline risks of banking on mobile, with not all lenders 
prepared to refund victims

The risks of doing banking on your mobile handset have been underlined 
by the stories of Guardian Money readers who had their mobiles taken 
over by fraudsters, who then emptied their bank accounts.

In recent months, Guardian Money has become increasingly alarmed at how 
often people are reporting that their mobile phone account has been 
taken over – with O2 our most complained-about provider.

In some of the cases we have heard about, victims initially had their 
email account hacked, while in another, the phone may have been taken 
over using malware. Once in control of the email account, and armed with 
other personal data, the fraudsters then posed as the customer to the 
mobile company, resetting all the passwords and ordering a replacement 
sim card.

Having assumed control of someone’s mobile phone it is relatively easy 
to pretend to be them to their bank, using two-step verification codes 
sent to the phone, to take over the account, and ultimately empty it."

-- 

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