The Week in Phone Fraud - June 17
June 17 - This Week in Phone Fraud
This week in phone fraud, hackers use the phone channel to hack Facebook, and the FTC shuts down a fake charity phone scam.
On Wednesday, Forbes reported on a newly discovered vulnerability at Facebook. Researchers have proven that criminals can take control of a Facebook account using only a phone number and some basic hacking skills to exploit the SS7 network. The attacker simply uses the “Forgot account?” feature.
This week, On the Wire reports that the FTC has taken steps to shut down a phone scam that involved pressuring victims to make donations to a fake charity for disabled people and buy overpriced goods. The companies agreed to a settlement with the FTC, which includes shutting down both of the companies and a financial judgment of more than $4 million.
China Daily: Rise in telecom fraud rings alarm bells – Telephone scams are a growing problem in China, with consequences for some becoming far more severe than just monetary loss. Last month, a China man hung himself in his home after being swindled out of his life’s savings by a sophisticated fraudster.
Cambodia Daily: Chinese, Taiwanese, arrested in internet phone fraud case – Twenty-seven Chinese and Taiwanese nationals were arrested during a raid on a villa in Phnom Penh’s Chamkar Mon district on Monday on suspicion of operating an internet phone scam that used voice over internet protocol technology equipment to extort money.
Daily Press: Scams & Swindles: The Top 5 Phone Scams in the US – According to a recent survey, 89 percent of Americans receive unwanted calls each month and 11 percent of adults in the United States have been a victim of a telephone scam. Of those scammed, 20 percent said they lost between $500 and $10,000 as a result.
Network World: Swatting and phone scams: hazards of caller ID spoofing – The anonymity caller ID spoofing provides means that people regularly fall victim to swatters and phone scammers. The ability of pranksters to hide behind this veil leaves public safety officials no other option but to respond with full force.
Bob’s Guide: How to balance Fraud Protection and Customer Friction in a digital-first world – Consumers increasingly opt in to digital channels for their financial services transactions, but fraud is impacting brand loyalty and advocacy. Friction drives loyal customers away, and lack of effective fraud protection can lead to significant financial losses.
Marco Eagle: Phone account fraud: The new type of identity theft – Taking over your current phone account is easier than you think. All a thief has to do is to call your phone carrier, provide them with your name, address, date of birth and Social Security number. That is all the information required to access your account.