May 4, 2016
In another sign of the new enabling technologies in FinTech going mainstream, CBS' 60 Minutes released a special last week called Hacking Your Phone in which the vulnerabilities of mobile phones were explained and exposed. With mobility being an integral component of almost every new FinTech proposition, this can be a scary phenomenon. In fact, the acclaimed TV segment ended with an ominous: "We live in a world where we cannot trust the technology that we use."
So, should we be concerned? How concerned? How bad is this for consumers and especially for consumers who are increasingly looking forward to the new FinTech becoming an integral part of their lives? The show referred to the SS7 technology, which is the shared protocol for mobile phone networks to signal information back and forth with one another. While this technology has been an important component of the ease of interoperability between wireless carriers, could that same protocol now be a source of attacks if exploited by hackers?
To answer the ...