Beware Trojan Mobile Banking Apps

Mobile banking applications usage has increased, partly as a result of the virus and lockdown and now the US Federal Bureau of Investigation (FBI) has warned that there is a rise in realted criminal acitivty. Usage of mobile banking applications has significantly increased, and this has recently risen by 50% since the beginning of 2020, an alert from the FBI’s Internet Crime Complaint Center (IC3) reveals.

The FBI advises users to excercise extreme caution when downloading banking Apps  to mobile devices, as they could hide 'malicious intent'.  

Cyber criminals target banking information using banking Trojans, are malicious programs that disguise themselves as other apps, including games 

Banking Trojans, are usually disguised as other apps and remain dormant on devices until the user launches a legitimate banking application. The Trojan may overlay a false version of the bank’s login page and trick the user into revealing their login credentials, which are then sent to human operators that leverage them to compromise accounts.

In some cases, cyber-criminals create fake apps that impersonate legitimate financial software, also in an attempt to deceive users into entering their credentials. 

Such apps usually display an error message after the attempted login and can steal security codes received by users by leveraging smartphone permission requests. According to the FBI,  nearly 65,000 fake apps have been detected on major app stores, making this one of the fastest growing sectors of smartphone-based fraud

To stay protected, users should download applications from trusted sources only, such as official app stores and bank websites.

Using two- or multi-factor authentication represents another means of staying protected from exploitation, as it is highly effective in securing accounts against compromise, the FBI notes. Modern MFA solutions (biometrics, hardware tokens, or authentication apps) are more secure compared to email or SMS-based methods.

The FBI also recommends the use of multiple types of authentication for accounts when possible, keeping an eye on where personally identifiable information (PII) is stored and only sharing the most necessary information with financial institutions, and avoiding clicking on links in emails or text messages, or sharing two-factor codes over phone.

The FBI recommends creating strong, unique passwords to mitigate these attacks. The US National Institute of Standards and Technology's (NIST) most recent guidance encourages users to make passwords or passphrases that are 15 characters or longer..

Users who encounter an app that looks suspicious are encouraged to contact the financial institution to report it. If a phone call claiming to be from the bank seems suspicious, users should hang up and call the bank at the customer service number on their website.

FBI:         Security Week:         The Hill:       

You Might Also Read: 

Malware – The Hateful Eight:

 

« Using AI In Cyber Security
Australia Assaulted By Severe State-Backed Cyber Attacks »

CyberSecurity Jobsite
Perimeter 81

Directory of Suppliers

Jooble

Jooble

Jooble is a job search aggregator operating in 71 countries worldwide. We simplify the job search process by displaying active job ads from major job boards and career sites across the internet.

DigitalStakeout

DigitalStakeout

DigitalStakeout enables cyber security professionals to reduce cyber risk to their organization with proactive security solutions, providing immediate improvement in security posture and ROI.

IT Governance

IT Governance

IT Governance is a leading global provider of information security solutions. Download our free guide and find out how ISO 27001 can help protect your organisation's information.

Resecurity, Inc.

Resecurity, Inc.

Resecurity is a cybersecurity company that delivers a unified platform for endpoint protection, risk management, and cyber threat intelligence.

ManageEngine

ManageEngine

As the IT management division of Zoho Corporation, ManageEngine prioritizes flexible solutions that work for all businesses, regardless of size or budget.

Industrial Cyber-Physical Systems Center (iCyPhy)

Industrial Cyber-Physical Systems Center (iCyPhy)

The goal of iCyPhy is to conduct pre-competitive research on architectures and design, modeling, and analysis techniques for cyber-physical systems.

Netresec

Netresec

Netresec is an independent software vendor with focus on the network security field. We specialize in software for network forensics and analysis of network traffic.

Herbert Smith Freehills

Herbert Smith Freehills

Herbert Smith Freehills is a leading professional services including data protection and privacy.

Pixalate

Pixalate

Pixalate is an omni-channel fraud intelligence company that works with brands and platforms to prevent invalid traffic and improve ad inventory quality.

Verifi

Verifi

Verifi is an award-winning provider of end-to-end payment protection and risk management solutions.

Cyber Threat Alliance

Cyber Threat Alliance

CTA is working to improve cybersecurity of our digital ecosystem by enabling near real-time cyber threat information sharing among companies and organizations in the cybersecurity field.

Aujus Cybersecurity

Aujus Cybersecurity

Aujas is a pure-play cyber security services company with deep expertise in Identity and Access Management, Managed Security and Security Testing services.

Cypress Data Defense

Cypress Data Defense

Cypress Data Defense helps clients build secure applications by providing training, best practices, and evaluating security during every stage of the Secure Application Development Lifecycle.

BreachLock

BreachLock

Breachlock delivers the most comprehensive Penetration Testing as a Service (PtaaS) powered by Certified Hackers and AI.

LANCOM Systems

LANCOM Systems

LANCOM Systems is the leading European manufacturer of secure, reliable and future-proof networking (WAN, LAN, WLAN) and firewall solutions for the public and private sectors.

WhiteJar

WhiteJar

WhiteJar offers an innovative approach to modern cybersecurity needs, empowering Ethical Hackers within its unique crowd platform.

Cyera

Cyera

Cyera is the data security company that gives businesses context and control over their most valuable asset: data.

Yarix

Yarix

Yarix is the leading company in Var Group’s Digital Security division and one of the most recognised, innovative and authoritative Italian companies in the IT security sector.

AKS iQ

AKS iQ

AKS iQ leads the RegTech sector with AI, automating regulatory compliance in the banking industry and ensuring paperless TBML and CFT adherence in finance.

SyberFort

SyberFort

SyberFort offers a suite of SAAS-based platforms designed to fortify your digital defenses including Threat Intelligence and Brand Protection.

Aspiron Search

Aspiron Search

Aspiron Search is a niche-focused Cybersecurity search firm that works exclusively with venture-backed Cybersecurity firms.