Have a dig around in the bottom of your desk drawer - do you still have that Nokia 1100 you got free with a PAYG SIM? Fish it out - you might be able to flog it on eBay for £22,000.
Actually, don’t - you could be helping international criminals rip off people’s bank accounts.
It seems that the humble Nokia 1100 is the new weapon of choice in the arsenal of the electronic fraudster. A bug in the phone’s firmware means that it is possible to intercept other people’s SMS messages and this has given organised criminals a way of hacking internet bank accounts.
The exploit relies on the fact that many European banks use one-time passwords for any electronic transaction. These passwords are sent to customers using SMS messages. By obtaining user data and using hacked Nokia 1100s to intercept SMS messages, hackers can divert funds into other accounts using valid one-time passwords that both banks and customers assume are secure.
Authorities in the Netherlands became suspicious when they noticed that Nokia 1100 handsets were changing hands online for huge amounts of money. Security researchers say the are not 100% sure how the exploit works and are trying to duplicate it. In the meantime, the asking price for a Nokia 1100 has jumped from £5,000 to £22,000 in just a few months.
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