Cybercriminals are investing more and more time and resources in developing new mobile banking trojans

All individuals that use mobile banking apps are facing a high risk of being tricked by cybercriminals and falling victim to mobile banking theft.
Globally, 58% of the mobile users identified the official mobile banking app interface as fraudulent while 36% mistook the fake interface for the real one.
Our cybersecurity researchers say that these numbers represent the level of sophistication and accuracy applied by cybercriminals to create trusted copies designed to spy on users, collect their bank login details, and steal their money.

In recent months the number of mobile banking Trojans is on the rise. Our cybersecurity researchers found out that the targeted banks by the cybercriminals are: Citibank, Wells Fargo, Santander, HSBC, ING, Chase, Bank of Scotland and Sberbank.
The high number of customers that a bank has every day made cybercriminals very active, they have become better and better in developing fake apps that can mimic their official apps.
One of the most significant cybersecurity flaws was discovered in November last year. Somehow cybercriminals have been offered for download on Google Play a new strain of the BankBot.

This last version of the bank login details stealer was concealed in apps that offered flashlight and Solitaire functionality. In any of this apps were installed by a victim, whenever a victim opens a banking application from the infected device, the hidden BankBot will create a fake overlay on top of the official app with the goal of collecting the customer’s banking details.
To stay safe, all users must show extra vigilance when they are making a download from Google Play or Apple’s App Store.

Among specific apps, it exists the possibility of downloading an infected app that is owned by cybercriminals. This kind of cybersecurity problem doesn’t have a valid cybersecurity solution for now. This is why it’s essential for every user to confirm that the banking app they are using is the verified version. If anything looks unfamiliar or out of place, we recommend to immediately stop using the app and delete it. Our cybersecurity experts say that this kind of cybersecurity problems can be avoided by using use two-factor authentication when it is available and by installing an antivirus solution. The last cybersecurity solution will always protect you from money-grabbing malware.