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Explore advanced techniques in phreaking and PBX exploitation in this comprehensive 2-hour Black Hat conference talk. Delve into the world of telecommunications security, learning about vulnerabilities in private branch exchange systems and how they can be manipulated. Gain insights into the history of phone phreaking, modern phreaking methods, and the potential risks associated with unsecured PBX systems. Discover practical examples and case studies that illustrate common attack vectors and defense strategies. Equip yourself with the knowledge to identify and mitigate security threats in telecommunications infrastructure, making this talk essential for cybersecurity professionals, network administrators, and anyone interested in the intersection of telephony and information security.