This was done by a sophisticated method of hijacking the one-time passwords sent through SMS text messages by banks.
Affected customers who had taken steps to protect their credentials will not have to pay for any of the fake transactions as a gesture of goodwill by the banks, “given the unique circumstances of these cases”, said the authorities. The identities of the banks involved were not revealed. They also hacked into the systems of overseas telcos and used them to change the location information of the mobile phones used by the Singapore victims.
The stolen OTPs were then used to complete the fraudulent card payments. This matches with the victims saying they did not get the OTPs. Earlier this year, Cybereason found that three Chinese threat groups, which recently attacked telcos in Asean, had previously carried out cyberattacks in other countries like the United States and the United Kingdom.“This should diminish these types of attacks over time, as they take back control ,” he said.
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