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

Clayden Law

Clayden Law

Clayden Law are experts in information technology, data privacy and cybersecurity law.

CSI Consulting Services

CSI Consulting Services

Get Advice From The Experts: * Training * Penetration Testing * Data Governance * GDPR Compliance. Connecting you to the best in the business.

MIRACL

MIRACL

MIRACL provides the world’s only single step Multi-Factor Authentication (MFA) which can replace passwords on 100% of mobiles, desktops or even Smart TVs.

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.

Authentic8

Authentic8

Authentic8 transforms how organizations secure and control the use of the web with Silo, its patented cloud browser.

Zentek Forensics (ZFL)

Zentek Forensics (ZFL)

Zentek Forensics has been providing digital forensics services to the public and private sector for computers and mobile devices since 2004.

Cognizant

Cognizant

Cognizant offer services and solutions for IT Infrastructure Security, Enterprise Mobility and Internet of Things.

Perspective Risk

Perspective Risk

Perspective Risk provides penetration testing, security assessments, risk management & compliance solutions, InfoSec training and consultancy services.

KFSensor

KFSensor

KFSensor is an advanced 'honeypot' intrusion and insider threat detection system for Windows networks.

CodeOne

CodeOne

CodeOne provides solutions for website and web app security.

ID Quantique (IDQ)

ID Quantique (IDQ)

ID Quantique is a world leader in quantum-safe crypto solutions, designed to protect data for the long-term future.

MailXaminer

MailXaminer

MailXaminer is an advance and powerful email investigation platform that scans digital data, performs analysis, reports on findings and preserves them in a court validated format.

Netpay International

Netpay International

Netpay's innovative technology ensures your business can provide secure, innovative payments solutions to all your e-commerce transactions.

Excelsecu Data Technology

Excelsecu Data Technology

Excelsecu is a global solution provider of online identity authentication, widely applied in banks, government bodies and enterprises.

Pluribus One

Pluribus One

Pluribus One develops customized solutions and other data-driven applications to secure your business and your devices.

LSoft Technologies

LSoft Technologies

LSoft Technologies is a leader in data recovery software technologies.

Cybil

Cybil

Cybil is a publicly-available portal where members of the international cyber capacity building community can find and share information to support the design and delivery of programs and projects.

Darkbeam

Darkbeam

Darkbeam provides a unified solution to protect against security, brand and compliance risks across your digital infrastructure.

PNGCERT

PNGCERT

PNGCERT is the national Computer Emergency Response Team (CERT) for Papua New Guinea.

Pivot Technology School

Pivot Technology School

Pivot Tech offers Data Analytics, Software Development and Cyber Security training in boot camp style cohorts.

SMARTEST

SMARTEST

SMARTEST is a world-class IT solutions provider active in the most challenging and demanding industries such as the oil and gas industries.