Overview on SMS( SHORT MESSAGING SERVICE)- PROS AND CONS

 INTRODUCTION- 

In telecom networks, it is quite simple to perpetrate fraud.

Most assaults may be conducted remotely and do not require expensive equipment or high technical expertise. Furthermore, telephony fraud is frequently extremely easy to profit from.

SMS Traffic Pumping Fraud, also known as Artificially Inflated Traffic, occurs when fraudsters exploit a phone number entry box to send an OTP, an app download link, or any other information over SMS. Attackers can misrepresent traffic and abuse your app if this form lacks sufficient security. In exchange for a portion of the income generated, the scammers send SMS to a set of numbers owned by a specific mobile network operator (MNO). This can ensue in one of two ways:

• The MNO is a co-conspirator in the scheme, and they have a revenue-sharing agreement.

Unwittingly, fraudsters take advantage of the MNO.

• In the second case, larger MNOs compensate smaller MNOs for subscribers and traffic. In this case, a con artist may build up a phony. Corporation and ensure large amounts of traffic.

The MNO may be unconcerned about the source of the traffic and hence assist in the deception. In either scenario, smaller MNOs are more likely to commit this fraud. It is tough to comprehend telephone fraud completely. This requires a comprehensive understanding of the telecommunications ecosystem, including its history, underlying technology, legislation, and international agreements. 

The telecom industry comprises numerous communities, including operators, regulators, and users. Every actor in this ecosystem has a unique perspective on or experience with fraud. Furthermore, each community has its lexicon, context, and tools for fraud, which makes understanding fraud difficult. The legacy systems at the heart of the telecommunications network were not developed with security in mind. When telecom networks were closed and controlled environments where all entities were trusted, this was not a concern (monopolistic operators). 

However, in today's context, this can have several negative consequences. Unfortunately, replacing these obsolete systems globally is not feasible shortly due to the high costs involved. Telecommunication networks are composed of numerous interconnected technologies, services, and products, many of which are cryptic and difficult to comprehend. As a result, telephony networks have expanded into a massive attack surface. All ecosystem actors must adapt to new technology while remaining vigilant for potential threats.

Because there are various ways for criminals to exploit SMS, we will concentrate on scenarios when SMS is the primary means of supporting fraud. Smishing, SMS spoofing, and SIM shifting are some SMS Fraud instances.

How to report Bank Fraud SMS?

Hackers have an incredibly advanced demeanor, making it easier to make people fall into a Bank Fraud via SMS. These organizations are well-funded and well-coordinated. They have an organized mode of operation. This crime has become easier to commit as a result of increased remote working, mobile device use, and the use of third-party cloud service providers.

As individuals embrace the digital environment, online fraud is rising in India and worldwide. Everything from banking to grocery shopping has moved online, emphasizing the importance of being more vigilant and conscious about how one transacts online. Though many steps can help you avoid fraud in the first place, if you are unfortunate enough to become a victim of these online bank frauds, you must follow these steps.

To safeguard their customers from theft, every bank has a fraud detection system and dispute resolution network.. Call the financial provider to inform them of any unauthorized bank transactions before the bank does and has the card blocked. There are several options for doing this. Report the problem by calling your bank's customer service line.

What are the types of SMS phishing?

SMS phishing or Smishing is sending fraudulent text messages to targets to trick them into disclosing account information or downloading malware. There are many kinds of phishing for which the public is the prey. Some of the types of phishing are- 

• Email Phishing

As a general guideline, you should always check the email address of a message that requests that you click a link or download an attachment. There are various ways to recognize a phishing email.

• Spear Phishing

The first, spear phishing, refers to malicious emails delivered to a specific individual. Criminals that do this will already have some or all of the victim's personal information:

Their given name;

Place of employment;

Job title;

and an email address

Specific information on their job role.

The fraudster can address the employee by name and (probably) understands that their employment entails making bank transfers on behalf of the organization.

The email's informality also shows that the sender is a native English speaker, giving the impression that this is a genuine message rather than a template.

• Whaling

Attacks on whales are even more specific, focusing on senior executives. Tricks such as fake links and URLs aren't helpful in this instance, as criminals attempt to imitate senior staff.

• Anger Phishing

Criminals can use social media to trick people into handing over personal information or downloading malware. Fake URLs, cloned websites, posts, and instant messaging can all be used to persuade people to divulge sensitive information. Alternatively, thieves might develop highly targeted attacks using the information that individuals willingly post on social media.

• Smishing or vishing

With both smishing and vishing, telephones replace emails as a method of communication. Smishing is the practice of criminals sending texts (the content of which is much the same as email phishing). Vishing involves a telephone conversation with the criminal controlling the recipient's phone number.

What is SMS smishing text messages?

Smishing, often known as SMS phishing, is using text message fraud to trick victims into disclosing account information or installing malware. Cybercriminals utilize smishing, a fraudulent attempt to steal credit card information or other sensitive information by impersonating a respectable firm or person.

Smishing is a technique in which hackers utilize text messages to entice potential victims to provide personal information. A text message usually links to a bogus website that looks exactly like the actual site. Fake data is frequently used to make texts appear from reputable institutions or corporations. Cybercriminals increasingly use smartphones to steal financial and personal information without breaking into a computer or network.

CONCLUSION- 

SMS fraud is a very common scam that people are getting into. There are various reasons for such frauds, and many companies are working towards making their connections stronger and more secure to battle such situations. 

SecurityGen- one of the very famous telecom security provider companies, has been upgrading and uplifting their ways of establishing a secure connection that will reduce the number of such frauds.