I think phreaking is alive and kicking hard...
Just the game switch a little bit, you got to mix butt set, voip asterisk, and credit card and some phone knowledge and you could make alot of money.
I know in the country I am, people do 300grand of telecomunication fraud in a weekend or week. Using 3PB and forwarding. Other people open fake post pay account on mobile and make long distance on it. Theres many ways of doing it, its all over the news over here, company getting it for millions. But the phreakers that are on the news sell the minutes either to calling card companys or have calling card themselve.
Its really alive when you talk about 10 mil of fraud montly over here.