Researchers had always warned that the loopholes in SS7 are allowing hackers to steal money from banks, manipulate calls and messages. However these issues were very ignored by cellular network providers as they believed SS7 attacks are done by highly professional hackers and they require good amount of investment. However some professional hackers have proved the lack of security in cellular networks and they are successful in exploiting networks and hence leaking money from bank accounts. So, hackers can hack phone with ss7 and can read your calls and messages.
