How Much Is a Nokia 1100 Worth? $34,102.50!
You’d think that a six year-old phone that can barely make phone calls and send text messages would be worth somewhere in the vicinity of 5 cents or so. But you would be wrong. Wrong to the tune of…25,000 euros, or $34,102.50 in US dollars.
That’s how much the Nokia 1100 is currently going for, at least in the less savory parts of town. Criminals are paying tens of thousands of euros for the devices thanks to a vulnerability in the phone’s software – a vulnerability that makes it possible to “intercept one-time passwords needed to complete an online banking transaction.” And it gets better – apparently known Russian, Moroccan, and Romanian gangs are hunting for these ever-elusive Nokia 1100s.
Here’s how it works:
Certain banks in Europe issue lists of numbers called “TAN” (transaction authentication number) codes to customers. The codes are required for financial transactions and used as an additional layer of security on top of the standard form of user name/password authentication. However, some banks send the codes via SMS – and this is where it gets a little sticky.
If a criminal can get hold of a person’s user name, password, and cell phone number, he or she can use a bug in the Nokia 1100 firmware to spoof the number and pretend to be that person, allowing them to receive the TAN codes. With that information in hand, they can then transfer funds into their own account. And profit.
Before you go hunting for 1100s in your closet, note that only Nokia 1100s that were produced in Bochum (yep, that Bochum), Germany are actually worth the going rate. All others are, unfortunately, pretty much worthless.