Nokia 1100 used in online banking hack

An old candy-bar style Nokia 1100 mobile phone has been used to break into someone's online bank account, affirming why criminals are willing to paying thousands of euros for the device, states PCWorld.

Using special software written by hackers, certain models of the 1100 can be reprogrammed to use someone else's phone number and receive their SMS messages, said Max Becker, CTO of Ultrascan Knowledge Process Outsourcing, a subsidiary of fraud investigation firm Ultrascan.

The Nokia 1100 hack is powerful since it undermines a key technology relied on by banks to secure transactions done over the Internet.

Deutsche Bank has transferred its European technology-coverage team into a new, broader renewable energy unit in the latest example of banks in Europe basing their business on the biggest, most lucrative sectors in response to the downturn, writes The Wall Street Journal.

Charles Bryant, previously a MD in the technology group, has taken the new title of global head of renewable energy, a Deutsche spokeswoman confirmed.

The new renewables team will cover the previous technology group's clients, as well as other companies across the renewable energy sector such as solar energy companies, many of which rely heavily on technology.

The uptake of mobile banking services is increasing as consumers seek to better monitor their finances, according to research, reports vnunet.

More than half (52%) of 1 000 UK consumers polled by Monilink and The Future Foundation are checking their bank balances via their mobile phone more often - a usage increase of 10% since October 2008.

But mobile banking is still only used by 5% of UK bank customers, says the study, which represents growth of 25% over the same period.