For years, it has been known

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Two-factor security breached, hackers can steal from your bank accounts
Zack Whittaker | 10.05.2017
that the key protocol that allows global cellular networks to communicate with each other has vulnerabilities, but no one really took it seriously.

Hackers and politicians alike have warned the public for sweden whatsapp data that flaws in the call and text messaging routing system known as Signaling System 7 (SS7) can be exploited to intercept and reroute calls and text messages, allowing hackers to tap nearly any phone in the world.

As reported by the German newspaper Süddeutsche Zeitung, hackers in the financial sector have today begun to exploit this weakness to intercept SMS messages containing two-step authentication codes (one-time passwords) for bank customers in order to hack and empty their bank accounts.

This is probably the first news about the exploitation of the SS7 vulnerability not for demonstration purposes, but in the real world by real attackers.

According to the newspaper, hackers may try to penetrate an individual's bank account. With their username and password (possibly obtained earlier in another attack), they can log into their victim's online bank account. Their further actions are prevented by two-step authentication, in which a code is sent to the user's device (usually a phone) linked to the account or a call is made, which ensures that the account cannot be used by unauthorized persons.