Banking trojans have become a big hazard in an age when we do all of our financial activities online. Banking trojans, as the name implies, are viruses designed to steal sensitive financial information from digital devices.
In this post, we’ll look at banking trojans, how they function, and how they might harm clients’ accounts.
Table of Contents
What is a Banking Trojan ?
Banking Trojans is often disguised as genuine programmes, but once installed, they perform a variety of harmful function such as intercepting the 2FA (Two-Factor Authentication) and OTP Codes, Swapping IBAN, Monitoring the device screen, stealing passwords, and completing fraudulent transactions.
Banking and financial institutions’ systems have become harder to attack, so cybercriminals developed banking malware to target individuals directly.
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They infect end-users’ devices via phishing emails, advertising, drive-by-downloads, or social engineering techniques. Banking malware attacks mainly via mobile devices in the retail industry (as people finalize more banking operations via smartphones), and via workstations in the corporate industry (where people use mainly laptops and computers).
In the past 20 years, criminals have released a wide variety of banking trojans’ families, characterized by specific capabilities and moves.
The first to appear were Zeus and SpyEye, but today many others populate the cybersecurity world, such as Emotet, Dridex, Gozi, and Tinba.
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How do Banking Trojans Threaten Customers’ Accounts?
Banking trojans can target online banking in a variety of ways. They have the ability to transmit and receive files remotely, take data from the clipboard, execute files, collect cookies and passwords, and redirect traffic to malicious websites.
Fraudsters typically try to take over an online account in order to steal money or personal information. Either social engineering tactics or software, such as a banking trojan, are used to do this on the victim’s device. Attacks against advanced fraud involve both of them.
Although there are many other dangers and capabilities that may affect digital devices, overlays, SMS stealers (or sniffers), and more sophisticated assaults like key-logging and screen recording are the most common.
In order to intercept sensitive data as the user inputs it on particular app (or web app) pages, overlays superimpose a layer on top of such pages. While SMS Sniffers scan OTP to get around multi-factor authentication processes or record SMS messages to steal sensitive information.
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The sophistication of banking malware has increased over the previous few years. TeaBot, BRATA, and Gozi, which may also attack via Automatic Transfer System, are a few instances of sophisticated malware that do ATO at scale and have been examined by Cleafy’s Threat Intelligence team.
Attacks made utilising the Automatic Transfer System do not need obtaining control of the victims’ accounts, in contrast to Account Takeover. By interfering with the legitimate process while the user is actively using the target application and is unaware of it, fraud happens.
Gaining access to the Accessibility Services (ATS) package of Android services, which Google offers to make Android devices more accessible to people with impairments, allows ATS attacks to be carried out on mobile devices.
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Web injection, or inserting malicious material into a web page before it is routed to an authorised banking website, is another method by which banking malware might access users’ banking accounts. This occurs as a result of the technologies used by hackers to covertly intercept and alter user browser and Web server communications.
How to Secure your Bank account from Hackers ?
Educate Your Customer: Make sure your clients are informed about the hazards and how to spot phishing emails, social engineering schemes, and other fraudulent practises.
Use Anti-Malware Software: Use anti-malware software to find and stop malware infestations. Encourage your customers to install anti-malware software on their computers.
Implement Multi-Factor Authentication (MFA): MFA can make it more difficult for fraudsters to access the accounts of your consumers. MFA can use both a password and a second factor, such as a security token, face recognition software, or a fingerprint scanner.
Keep your Systems and Software Up to Date: Update your systems and software regularly since hackers frequently take advantage of flaws in out-of-date products. Updating your software and computer systems can help shield you against malware outbreaks and other online threats.
Monitor your systems for unusual activity: Set up alerts and monitoring systems to find unexpected behaviour on your systems and customer accounts. Keep an eye out for strange activity on your systems. This can assist in identifying and preventing fraud before it worsens.
Both individuals and corporations are seriously at risk from banking Trojans. It’s critical to keep informed and take the required precautions to safeguard your clients from these threats. You may lessen the likelihood that your clients will fall victim to Banking Trojans and other forms of cyber-attacks by using the advice provided in this article.