Mobile banking: alarm as fraudsters take over handsets and raid accounts

https://www.theguardian.com/money/article/2024/jul/13/mobile-banking-fraudsters-accounts-scams-refund-victims
"Mobile banking: alarm as fraudsters take over handsets and raid accounts
Scams underline risks of banking on mobile, with not all lenders prepared to refund victims
The risks of doing banking on your mobile handset have been underlined by the stories of Guardian Money readers who had their mobiles taken over by fraudsters, who then emptied their bank accounts.
In recent months, Guardian Money has become increasingly alarmed at how often people are reporting that their mobile phone account has been taken over – with O2 our most complained-about provider.
In some of the cases we have heard about, victims initially had their email account hacked, while in another, the phone may have been taken over using malware. Once in control of the email account, and armed with other personal data, the fraudsters then posed as the customer to the mobile company, resetting all the passwords and ordering a replacement sim card.
Having assumed control of someone’s mobile phone it is relatively easy to pretend to be them to their bank, using two-step verification codes sent to the phone, to take over the account, and ultimately empty it."
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