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Cyber criminals are using a mass-sent scam text message to hijack the computing power of Australian phones to mine Bitcoin. The SMS, which has been sent to thousands of Australians, tells the recipient they have been sent an unspecified bitcoin sms alert scam of Bitcoin which can be redeemed by following a shortened URL. But Chief Technology Officer at Symantec, Nick Savvides, says that by handing over their details, users are lending the power of their device to a complex criminal web intent on profiting from the digital currency.

Everything you need to know about the cryptocurrency in 90 seconds. Mining bitcoin requires an enormous amount of computer processing power, so by tapping into an enormous web of gullible phone owners the cyber criminals can effectively crowdshare their mining operation.

Savvides says the text message is a classic example of how a cyber scam is run, but many users are likely to be duped by it because it appears on your mobile phone instead of your email inbox.

Frighteningly, Savvides says it isn't necessarily your bank account details the hackers want although that is extremely profitableit's your identity.

If you receive a bitcoin text, Savvides recommends ignoring it and deleting the text from your phone. Short URLs are generally a dead giveaway that they are a link to spam," advices Savvides. If the text is unexpected then be suspicious and delete bitcoin sms alert scam. Go directly to those services as opposed to following the link you received in the text. With smartphone use soaring amongst every Australian demographic, Bitcoin sms alert scam says the new battleground of cyber criminals is firmly in the palm of your hand.

Savvides wrns that it's no longer enough to view your smartphone as a novel toy — it must be treated as a powerful conduit between you, your money and the internet. Bitcoin sms alert scam fact, if you were to buy a brand new mobile it would probably be more powerful than your desktop computer that's three years old," says Savvides. Have you been sent a text message promising bitcoin sms alert scam Bitcoin? Please get in touch to share your experience at smarsh nine.

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Scammers create SMS competitions or trivia scams to trick you into paying extremely high call or text rates when replying to an unsolicited text message on your mobile or smart phone. You will be required to send a text message back. Alternatively the message may invite you to take part in a trivia contest with a great prize on offer if you answer a certain number of questions correctly.

The first lot of questions will be very easy — scammers do this intentionally to encourage you to keep playing. The scammers make money by charging extremely high rates for the text messages you send, and any further messages they send to you. You may also be automatically subscribed to ongoing charges. You will not discover these charges until you see your next itemised phone bill. We encourage you to report scams to the ACCC via the report a scam page. This helps us to warn people about current scams, monitor trends and disrupt scams where possible.

Please include details of the scam contact you received, for example, SMS or screenshot. We also provide guidance on protecting yourself from scams and where to get help. Phishing scams are attempts by scammers to trick you into giving out your personal information such as your bank account numbers, passwords and credit card numbers.

Victims of scams deserve your support, not ridicule Sunshine Coast Daily 15 Jun View more stories from the web. Skip to Content Skip to Sitemap. Enter a search term. Home Types of scams Buying or selling Listen. Mobile premium services Scammers create SMS competitions or trivia scams to trick you into paying extremely high call or text rates when replying to an unsolicited text message on your mobile or smart phone. How this scam works Warning signs Protect yourself Have you been scammed?

More information Related news From the web. Phishing Phishing scams are attempts by scammers to trick you into giving out your personal information such as your bank account numbers, passwords and credit card numbers. Telstra opts-out of third-party billing. Victims of scams deserve your support, not ridicule. View more stories from the web.