Criminals Are Tapping into the Phone Network Backbone to Empty Bank Accounts

Metro Bank, which launched in 2010, confirmed it had faced an SS7 attack, and said in a statement it has supported a law enforcement investigation into SS7 attacks across the industry. The Metro Bank incident appears to be the first publicly reported case of a UK bank falling victim to an SS7 attack, however, and multiple sources confirmed the issue is broader in scope. An SS7 attack is unlikely to be effective if the bank uses a form of 2FA that doesn’t rely on text messages, such as an authenticator app.

Source: motherboard.vice.com