$32k Nokia 1100 bought for online banking scam

The Nokia 1100 was never an especially alluring device, even at its launch, but a select few versions of the simplistic cellphone are said to be changing hands for up to €25,000 ($32,328) among criminals.  According to unconfirmed reports, the specific 1100's each show a specific software flaw that, with the correct reprogramming, allows them to intercept the one-time passwords used to authorize online bank transactions.

Only those handsets from a specific German manufacturing batch can be suitable reprogrammed, out of more than 200 million produced since the Nokia 1100's launch in 2003.  The one-time passwords at risk – known as transaction authentication numbers (TAN) – are those sent to online banking users by SMS.

Suspicions were raised when police contacted Ultrascan Advanced Global Investigations six months ago over news that a 1100 had been sold for €5,000; the €25,000 model sold just ten days ago.  Ultrascan is yet to obtain an affected handset to test out the exploit.

[via The Mobiler]