Eric Priezkalns reports:
A business student who was interning at Société Générale, a leading multinational bank headquartered in France, is believed to have fed information to SIM swappers who stole from 50 customers of the bank, reports Le Parisien. The intern’s arrest prompted officers from France’s fraud police (La Brigade des Fraudes aux Moyens de Paiement, BFMP) to identify a series of alleged accomplices, including one person who specialized in taking control of the phone service of victims.
Using information provided by the intern, the SIM swapper would call the comms providers that provided service to customers of Société Générale. He would pretend to be the legitimate phone user, and that his phone had been lost so a replacement SIM would be issued to him. Having taken control of the victim’s phone service, the SIM swapper would then receive the one-time passwords sent to those numbers by Société Générale. With these codes, the gang were able to withdraw money from the bank accounts of victims. In total, it is believed that more than EUR1mn (USD1.15mn) was stolen this way.
Read more at CommsRisk.
h/t, Catalin Cimpanu