Earlier this month, the German-based newspaper Süddeutsche Zeitung reported that criminal hackers in Germany completed a two-step attack on German bank accounts in January, successfully routing money from bank customers into their own accounts. But this wasn’t just another data breach – this was a Signaling System 7 (SS7) security breach, which many believed was low risk. Hackers exploited known flaws in the SS7 signaling protocol, a critical part of the cellular network, in order to intercept two-factor (2FA) authentication codes sent by text messaging (SMS) – making this one of the first publicized real world attacks, and proving the risk isn’t low at all.

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