Criminals can bypass two-factor authentication and hijack user accounts by simply convincing a mobile carrier to swap SIM cards for a phone number. A group of Senators and Representatives are asking the FCC to protect consumers from these kinds of scams.
The newly disclosed Simjacker attack allows a remote attacker to track a mobile device by exploiting a weakness deep within many phones.
Mobile payments are very popular in African companies and SIM card fraud is a massive problem. At the Kaspersky Security Analyst Summit, CERT Mozambique discussed how the banks and mobile operators worked together to ensure thieves didn't loot customer accounts just by stealing phone number.