Watch out for attacks trying to take advantage of the increase in lockdown usage of mobile banking
With the increasing use of mobile banking apps during the blocking of COVID-19, the risk that these platforms will be exploited by cybercriminals increases, warns the FBI's Internet Crime Complaint Center (IC3).
Relying on estimates from US financial technology providers, the office's online fraud wing indicated that in 2019, more than 75 percent of Americans used mobile banking in some form. Since the beginning of this year, the use of banking apps has increased by 50 percent.
The move to mobile banking has not escaped cybercriminals, and IC3 expects crooks to use different techniques to target mobile banking customers. mainly through app-based banking Trojans and fake banking apps.
While both pursue the same goal – stealing IDs from victims' bank accounts and ultimately stealing money from them – their strategies to achieve this are very different. ESET malware researcher Lukáš Štefanko recently made a clear distinction between the two when he made the cloudy waters of Android banking malware clearer.
“Banking Trojans are cunning – they're trying to get users to install them by pretending they're something funny or useful, but definitely completely harmless. Think of games, battery managers and power boosters, weather apps, video players and so on. “These apps offer time before they strike when a person least expects it. Slip a fake login screen over a legitimate banking app and steal the login information.
However, fake banking apps are easier – they try to convince you that they are real business. “Once installed and started, they run with a registration form, just like a real banking app. And, as you probably suspected, the credentials submitted in the form are collected, ”Štefanko notes.
How can you stay safe?
To reduce the likelihood of falling victim to the threat, you should follow a number of rules:
First of all, you should always install apps from official stores. However, check the rating, ratings and number of installations beforehand.
Pay attention to the requested permissions after installing an app. When downloading a banking or finance app, check to see if your bank's official application is by either contacting them or visiting the official website.
Just as important, keep your device up to date and use a reliable mobile security solution.
Another way to double your security is to enable two-factor authentication (2FA).
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Amer Owaida June 12, 2020 – 12:37 pm