11 July, 2022
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Criminals Are Using Stolen iPhones to Hack Bank Accounts 

11 July, 2022

Smartphone theft is on the rise, and crafty criminals are finding ways to access bank accounts through stolen iPhones. Here’s how to protect yourself.

Smartphone crime is getting worse, but now there’s a new factor to worry about—criminals accessing your bank details after stealing your phone. In fact, Brazilian criminals have been stealing phones solely to access bank accounts since 2021. Read on to discover the method criminals are using to hack bank accounts, and how to prevent this from happening to you. 

Criminals are using stolen SIM cards to drain bank accounts 

Bank account hacking methods usually involve advanced tools that allow criminals to unlock stolen iPhones, however, criminals in Brazil have found a new way to gain access—through SIM cards. 

Brazilian Police Chief Fabiano Barbeiro stated in 2021 that criminals were taking a stolen SIM card and placing it in a different phone. Doing so, they were able to access social media accounts like Facebook or Twitter and find out the victim’s email address, often the same address registered to their Apple ID. After that, gaining access to private accounts proved simple. They reset the Apple ID password using the victim’s phone number and search for important passwords on the Notes app or Apple’s iCloud keychain tool. 

Criminals, when under investigation, claimed accessing bank account passwords was easy, as most Apple users regularly use Keychain or even store their passwords in the Notes app. Once criminals have access to the victim’s bank account, they drain all funds.

Back in July 2021, the São Paulo police arrested 12 people and identified 28 others who were involved in this specific type of smartphone theft. Unfortunately, this crime is continuing to happen. 

How can you protect yourself from bank account fraud? 

The easiest way to protect yourself against this type of theft is to not store your passwords on any unsecured apps, including Notes. It might seem handy at the time, but keeping an accessible record of your passwords makes it so much easier for criminals to gain access to all your important accounts. It’s also recommended to switch out your regular SIM card for an eSIM, as this can’t be transferred to another smartphone device. 

Of course, the real issue lies with Apple’s security protocols. Because of the rise of bank fraud, Apple has committed to making it easier to completely erase stolen iPhone data, leaving the device useless to criminals. 

However, after your device information is erased, you can’t track your stolen device using Apple’s Find My app. This makes it impossible to retrieve your iPhone. Luckily, the LOX Network has an innovative solution that makes tracking and retrieving your stolen smartphone easier than ever. 

LOX’s hybrid blockchain makes tracking and retrieving devices easier than ever before

Our LOX Network vision is to return the power of device ownership back into the hands of smartphone owners, rather than wireless carriers. We’re doing this through our unique security network, built on our own hybrid blockchain. Using this, you can report your device as lost or stolen, track it yourself, and exchange data between parties when buying or selling a device. 

Device ownership is irrefutable using our dual-NFT proof-of-ownership model, combining both the SmartNFT and the SmartLOX NFTs to bridge a users’ digital and physical smartphone ownership. LOX’s SmartNFT represents the user’s personal details including name and contact information. Next, the LOX Network pairs this to the user’s SmartLOX NFT, which records the device make, model, and IMEI (International Mobile Equipment Identity). This proof-of-ownership model makes it harder for criminals to resell stolen phones, as they can be easily tracked back to their original owners. 

The LOX Network uses the LOX token ($LOX) as its native currency and this is currently the only way to access the LOX Network features. $LOX is also part of a reward structure, which encourages the return of stolen smartphones. Under this model, users create bounties for lost and stolen phones and are rewarded with $LOX for returning stolen phones to their rightful owners. Incentivizing the return of lost and stolen phones will go a long way in deterring criminals from stealing your device. 

LOX is changing the face of wireless device security 

Smartphones hold private information that shouldn’t get into the wrong hands. Our unique proof-of-ownership model gives you more control over the security of your devices, making it much harder for criminals to steal your smartphone and access your accounts. We’re confident that our decentralized blacklist will change the smartphone security industry for good. All of this is easily accessed through our SmartLOX app, giving you access to your device security on the go.

Discover our up-and-coming SmartLOX app, set to be released later this year.

Jeremy Rodgers
Content Manager

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