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The Threat of SIM Swapping Attacks on Financial Institutions

Category Details
Threat Actors Scattered Spider, BlackCat (ALPHV), financially motivated groups.
Campaign Overview SIM swapping used to hijack phone numbers, bypass 2FA, manipulate financial accounts.
Target Regions (Or Victims) Financial institutions, government agencies, MGM Resorts, Bank of America customer.
Methodology Social engineering, SIM swapping, MFA bypass, impersonation tactics.
Product Targeted Financial accounts, social media platforms, SEC’s Twitter account.
Malware Reference Not explicitly mentioned.
Tools Used Dark web monitoring tools (e.g., SOCRadar platform).
Vulnerabilities Exploited SMS-based 2FA, weak telecom protocols, lack of employee awareness.
TTPs – Social engineering
– SIM hijacking
– MFA bypass
– Phishing
– Data interception.
Attribution Scattered Spider (affiliated with BlackCat/ALPHV ransomware gang).
Recommendations – Strong MFA (e.g., biometrics)
– Employee training
– Secure communications
– Dark web monitoring
– Partnering with cybersecurity experts.
Source SOCRadar

Read full article: https://socradar.io/sim-swapping-attacks-financial-institutions/

The above summary has been generated by an AI language model

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Source: SOCRadar

Published on: December 31, 2024

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