How hackers can target your phone to mine cryptocurrencies

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Mining is basically the process of helping verify and process transactions in a given virtual currency. In exchange miners are rewarded with some of the currency themselves.
Legitimate mining operations link thousands of processors together to increase the computing power available to earn cryptocurrencies.
Has your smartphone suddenly slowed down, warmed up and the battery drained down for no apparent reason? If so, it may have been hijacked to mine cryptocurrencies.
This new type of cyberattack is called “cryptojacking” by security experts.
The popularity of games makes them attractive for hackers.
It “consists of entrapping an internet server, a personal computer or a smartphone to install malware to mine cryptocurrencies,” said Gerome Billois, an expert at the IT service management company Wavestone.
Mining bitcoin, ethereum, monero and other cryptocurrencies may be very profitable, but it does require considerable investments and generates huge electricity bills.
But hackers have found a cheaper option: surreptitiously exploiting the processors in smartphones.
To lure victims, hackers turn to the digital world’s equivalent of the Trojan horse subterfuge of Greek mythology: inside an innocuous-looking app or programme hides a malicious one.



citizen.co.za

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