A significant number of Payoneer users in Argentina have reported unauthorized access to their 2FA-protected accounts, resulting in the theft of funds while they were asleep. Payoneer, a financial services platform facilitating online money transfer and digital payments, is particularly popular in Argentina for its ability to enable earnings in foreign currencies without adhering to local banking regulations.
Starting last weekend, users with 2FA-protected accounts experienced sudden loss of access or discovered empty wallets upon login, with losses ranging from $5,000 to $60,000. Prior to the incidents, victims received SMS messages requesting approval for a password reset on Payoneer, which they did not authorize. Some users claim they did not click on the provided URLs, and a few only noticed the SMS after the funds were stolen.
The stolen funds were reportedly sent to unfamiliar email addresses using the 163.com domain. Investigations reveal that many affected users were customers of mobile service providers Movistar and Tuenti, with the majority using Movistar. Suspicions arose regarding a recent Movistar data leak, but the leaked data did not include user email addresses necessary for Payoneer password resets.
One theory suggests a breach in the SMS provider delivering OTP codes, granting threat actors access to codes sent by Payoneer. However, an official statement from Movistar denies responsibility for messages sent through its network and mentions blocking the numbers used in the smishing campaign.
Payoneer, while acknowledging the issue, has not provided specific details about the attack, attributing it to phishing and cooperating with authorities. Tech reporter Juan Brodersen received a statement from Payoneer blaming users, alleging they clicked on phishing links in SMS texts and entered login details on fraudulent pages. Affected users refute this, accusing Payoneer of deflecting responsibility and not addressing potential platform errors or vulnerabilities.
Despite Payoneer's SMS-based 2FA and password recovery process, which relies solely on SMS codes, users argue that the platform should not have had access to later OTP codes required for transactions if the attack was purely phishing-based.
The exact mechanism of the attack remains unclear, with various hypotheses under consideration. Payoneer users in Argentina are advised to withdraw funds or disable SMS-based 2FA and reset passwords until the situation is clarified.
In an update on January 20, a Payoneer spokesperson acknowledged instances of fraud where customers were lured into clicking on phishing links, leading to compromised account credentials or mobile phones. The company asserted swift action to contain fraud attempts and emphasized collaboration with regulators, mobile carriers, and law enforcement agencies. While restitution details vary, Payoneer is actively working to protect customers' funds and recover possible losses.