“The unidentified attackers exploited weaknesses in Signalling System No. 7, a telephony signaling language that more than 800 telecommunications companies around the world use to ensure their networks interoperate. SS7, as the protocol is known, makes it possible for a person in one country to send text messages to someone in another country. It also allows phone calls to go uninterrupted when the caller is traveling on a train.  The same functionality can be used to eavesdrop on conversations, track geographic whereabouts, or intercept text messages.”

Read more: https://arstechnica.com/security/2017/05/thieves-drain-2fa-protected-bank-accounts-by-abusing-ss7-routing-protocol/

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