hacking bank accounts using ss7 in germany

Hackers have exploited the Signaling System 7 international telecommunications signaling protocol as part of a two-stage attack designed to drain money from online bank accounts.

The attackers leveraged weaknesses in Signaling System Seven (SS7)—a set of international telecommunications protocols—to "redirect the text messages the banks used to send one-time passwords," according to Ars Technica, which cites German newspaper Süddeutsche Zeitung.

Texts were intercepted by hackers, who "used the mTANs—short for 'mobile transaction authentication numbers'—to transfer money out of the accounts," Ars reports.

 This week, Rep. Lieu tweeted that he has "been screaming for FCC & telecom industry to fix SS7 security flaw. Perhaps bank losses will get them to act."