ThinSIM-based Attacks on Mobile Money Systems
Rowan Phipps, Shrirang Mare, Peter Ney, Jennifer R. Webster, Kurtis Heimerl · 2018
Phone-based mobile money is becoming the dominant paradigm for financial services in the developing world. For example, mPesa has a cash flow of over thirty billion USD, equivalent to nearly half of Kenya's GDP. Inside of these markets, competitors have appeared who leverage ThinSIMS, small SIM-card add-ons, to provide alternative mobile money implementations. However, the security implications of ThinSIMs are not well understood.