A recent malicious attack on customers of O2-Telefonica in Germany saw several bank accounts drained. This may just be the clarion call for telcos to address a flaw in Signaling System 7 (SS7) that has been raising red flags for years.
SS7 is an international telecommunications standard that defines how elements in a public switched telephone network (PSTN) exchange information. It is what allows us to receive an SMS text message whether we are at home or roaming in Europe. It is what enables carrier interoperability, and as such is the backbone of global communication.