Have you ever thought that Cybercriminals would even compromise the SMS notification service used by banks to alert you when you withdraw money from your bank account? Actually, SMS flooding services are now advertised and available in all countries! SMS flooding like DDoS attacks, flood a particular mobile phone number with random SMSs in an attempt to disrupt mobile communications.
Cybercriminals committing fraudulent transactions are capable of disrupting the SMS notification process which prevents the victim from taking action in a timely manner. Launching Denial of Service attacks against mobile devices of victims is not the only means cybercriminals use to commit fraud. They can also use social engineering techniques to attempt to trick financial institutions into changing the default mobile number of an account to one operated by cybercriminals.
Read the full article here – http://blog.webroot.com/2012/07/02/cyberciminals-launch-managed-sms-flooding-services/