MANILA, The Phillipines-GSM technology has inherent vulnerabilities that can be exploited by hackers, a recent World Bank study has warned.
According to a paper titled “E-Security: Risk Mitigation in Financial Transactions,” the security of GSM technology is limited.
Among other things, it is possible to clone removable subscriber identity module (SIM) cards, used to store phone information and additional software, including wireless Web browsers. When a SIM card is duplicated, it opens several possibilities for bank theft or intrusion of individual privacy. For example, a bank’s remote teller machine or automated teller machine (ATM) can be tricked into communicating with a fake mobile tower or base station, which relays commands from a mobile phone.
GSM is the most widely deployed cellular standard with nearly 600 million subscribers in more than 170 countries-one-third of the world’s mobile-phone population, the World Bank paper said, citing the European Telecommunications Standards Institute (ETSI).
The study is authored by Thomas Glaessner, World Bank lead economist for financial sector operations and policy department; Thomas Kellerman, World Bank data risk management specialist; and Valeri McNevin, chief security officer of the State of Colorado in the United States.
