Fraudsters Targeting One-Time SMS Passcodes, Banks Warned

UK officials have revealed that fraudsters are cracking card issuers’ two-factor authentication checks by intercepting SMS messages to impersonate account holders.

The National Cyber Security Centre (NCSC), a government organisation that supports the public and private sectors in combating online fraud, warned on Wednesday it had detected a rise in the number of SMS messages sent by banks that are being hijacked by criminals.

One-time passcodes are currently used heavily across the banking sector as a means of verifying customers’ identity when making online card payments.

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