Underground Ecosystem Enables Unlocking of Stolen iPhones for Financial Fraud

A thriving underground cybercrime ecosystem is facilitating the unlocking of stolen iPhones, enabling criminals to access victims' bank accounts and personal data. Researchers at cybersecurity firm Infoblox have identified dozens of groups selling unlocking tools and phishing services, primarily via Telegram. These services allow thieves to bypass security measures, with traffic to associated phishing domains increasing by 350 percent last year. While a locked iPhone may be worth only $50 to $200, an unlocked device can fetch up to $1,000, driving this illicit market. Attackers use sophisticated phishing campaigns, often mimicking Apple’s Find My service, to trick victims into revealing PINs or iCloud credentials. This trend is evident globally, with significant theft rates reported in locations like London, where thousands of devices are stolen annually. The report highlights how improved device protections by Apple and Google are being circumvented by these coordinated criminal networks, which target both the hardware value and the financial assets linked to the devices.