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A guy got the surprise of his life when his sim suddenly got disconnected, he got booted out of his online accounts and his bank almost gets emptied by an identity thief.
Now that is a creative scam. Good thing the victim was quick to react, otherwise more might have been targeted by the scammer. The impetus is on Globe now to review and improve their sim swap program. It's too bad it took something as serious as this to get the telco moving, but at least they're doing something about it, unlike the way they're handling SMS share-a-load scams.
Aside from Globe's exposure, this also highlights how BDO's security can be circumvented. This just illustrates how social engineering is really the weakest point in the security tool chain.
Absolutely this. And for the uninitiated, social engineering is nothing new. One of my favorite perspectives on the matter is the autobiography, Ghost in the Wires, which details the social engineering exploits of Kevin Mitnick, who broke into telecommunications and computer systems back before the days of the internet.