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Exactly how it's done

 

Smartphone WiFi Hacking

Hackers can setup a fake Wifi network (for example imitating the name of a coffee shop). Once you connect to that Wifi network the hacker can discover your email password.

Once your password is discovered the hackers can access your email and trace the different accounts you have on-line. Then it's a matter of using "password recovery" tool in order to access your online bacnking account and other personal account (social networks etc.).

In UK alone individuals lose 3.1 billion pounds each year to hackers and that number will only keep growing.

In fact as per Symantec's report: "Annual losses resulting from cyber-crime are valued at $388 billion, which includes both $114 billion in direct cash losses and $274 billion in the time lost responding to attacks, Symantec found. Illicit sales of marijuana, heroin and cocaine industry are an estimated $288 billion."

So don't become part of the statistic. If at all possible, try to avoid Wifi networks and connect to your 3G/4G networks only.