Risks, Realities & Protection of Phone Theft - Part 1: Why Criminals Target Phones

This week, we are talking about something nearly everyone has and relies on every day: their phone. We are looking at why criminals target phones and what can make these devices so valuable.

Hardware Resell

Regardless of whether a phone is locked down or open to access, criminals are still able to sell these phones. If they aren't locked to Google and Apple account, they are worth a good amount of money, but even when locked, the higher end phones are selling for $150+ online.

Supporting Data:

Roughly 80,000 phones were reported stolen in London in 2024, up from 64,000 in 2023, about 80% of them Apple devices. Around 75% move abroad, primarily to Algeria, China and Hong Kong.

The economics are brutal: street thieves were paid hundreds of dollars per handset in one dismantled London network, with devices selling for up to $5,000 in China, and even activation-locked phones retain up to 30% of their value stripped for parts.

Data

With the right tools and phone setups (lack of security settings), thieves are able to conduct further offenses by accessing certain data within phone apps, such as retrieving bank information.

The Biometric Argument:

The 'biometrics' aren't typically what thieves defeat in the streets. It's more about the social engineering aspect of getting the passcode, because they can't crack the biometrics.

The thieves often target someone and shoulder surf as they log in to their phone, giving them the passcode to log in, then steal it from them. From there, when they continue attacking, they often need MFA, such as SMS or Email, which they also have access to on that device.

Thieves also target users who are actively using their phones, stealing them while they are unlocked and gaining instant access to the phone.

In reality, it is a VERY small percentage of thefts in which data is reported as being used or stolen. Most of these get sold somewhere for the hardware resale price.

Stay Tuned for Part 2

What Happens When a Phone Is Stolen: How Phone Security Can Be Compromised