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Bank Info Security 3 months, 2 weeks ago

One-Time Passcodes Are Gateway for Financial Fraud Attacks

Report Reveals Growing Trend of Fraudsters Intercepting SMS-Based VerificationFinancial institutions have historically relied on one-time passcodes as a primary authentication control for their accountholders. But OTP verification is less reliable as fraudsters increasingly exploit SMS-based verification weaknesses to carry out account takeover and payment fraud schemes.

More from Bank Info Security 4 Apr 2026, 11:00 a.m. Authentication Exploit Finance Fraud Report SMS

Cybersecurity researchers have disclosed a new Android trojan called PhantomCard that abuses near-field communication (NFC) to conduct relay attacks for facilitating fraudulent transactions in attacks targeting banking customers in Brazil

More from The Hacker News 14 Aug 2025, 11:06 p.m. Android Banking Brazil Disclosure Exploit Fraud Malware Report Research Root Access Trojan Victims