The Smishing Triad, a prominent cybercrime group, has infiltrated at least 121 countries, employing around 200,000 domains for scams. Their tactics involve deceiving users into providing sensitive information like bank details and one-time passwords, which criminals use to add stolen cards to digital wallets like Apple Pay and Google Wallet. Research indicates a drastic reduction in the time between card cloning and fraudulent transactions, with criminals now waiting as little as a few days to exploit stolen card information. Their activities highlight the vulnerabilities present in modern digital wallet systems.
They have effectively turned the modern digital wallet, like Apple Pay or Google Wallet, into the best card-cloning device we've ever invented, says Merrill.
When we first started seeing this, they would wait between 60 and 90 days before actually stealing money from the cards... nowadays you would be lucky if they wait seven days.
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