From SMS to SIM: Security Analysis of Phone Number Verification
In today's digital landscape, where cyber threats and fraud are increasingly sophisticated and widespread, the importance of secure authentication methods cannot be overstated. Fraudsters exploit vulnerabilities in widely-used verification systems, such as SMS-based OTPs, through techniques like phishing, SIM swapping, and attacks using malicious applications. These threats pose significant risks to individuals, companies, and financial institutions, where fraud can lead to severe financial losses and additionally compromise sensitive customer data.
This paper addresses these challenges by evaluating the strengths and weaknesses of various phone number verification technologies. It provides a comprehensive security analysis of the current SMS-OTP phone number verification method, the emerging network-based phone number verification method and the more secure SIM-based options that are under consideration for adoption.
The insights and proofs of concept presented in this paper serve as high-level security guidance for the selection and implementation of phone number verification methods, ensuring robust security measures that can withstand the evolving tactics of cybercriminals.