Millions Stolen in Two Days with New Online Banking Malware; Are You at Risk?

Over $4 million was stolen in just two days from customers of 22 banks in the U.S. and 2 in Canada. Cyber criminals using a new form of malware called GozNym are having huge success with this highly advanced new form of attack.

It not only can download ransomware to your machine, but can do other nasty things such as steal money from your bank account. It is being executed via phishing, adware, and even drive-by browsing. If you notice fraudulent activity in any of your financial accounts, report it to the financial institution immediately. Also, go straight to your computer to look for ransomware or other malware that may be lurking. This one packs a one-two punch, so it may affect victims in multiple ways.

This dangerous Trojan is a hybrid of two other versions of banking malware from which it was created. It takes elements of both to become a more dangerous piece of software than the individual ones were and is spreading very quickly. And even worse, if it ends up on a device as ransomware, it may already have managed to get your online banking credentials to the bad guys. So, check your accounts as well.

It's critical to have anti-malware installed and kept current. It's also very important to make sure all critical and security patches are up-to-date for not only the operating system such as Microsoft Windows and Apple OS X, but also for all third party products such as Sun Microsystems' Java and Adobe Flash. As soon as you get the notification that an update is available, apply it  (Warning: Some malware will pretend to be a security update through your web browser. Real security updates will appear even when your browser is closed).  

Ransomware is a type of malware that will hold your computer hostage. That is why it is very important to keep current backups of your systems and/or important files. If ransomware does strike, you can restore the computer from a recent backup.

In addition, learn how to identify a phishing email. Phishing, in its many forms is the most common way malware ends up on computers, tablets, smartphones, or any internet-connected device. Most of the time, an email is sent and inside it is a link or attachment. When that link or attachment is clicked, malware can be downloaded without the user knowing anything is going on. 

Another way malware is spreading is through malicious ads.  A web page may appear with some type of ad off to the side. These ads can be provided by malicious individuals and may contain code designed to install malware on your computer without your knowledge. In some cases, just visiting the website is all it takes for a computer to be compromised, even if you do not click the ad. 

Remember that communication from financial institutions won’t include links to click that ask to update sensitive information. Do updates within the app or on the website by logging into the account directly from a pre-bookmarked link.

Malware like GozNym shows that it can now be created in modular fashion. Creators can pick sections and put them together like Legos to make more dangerous software. Malware ending up on any device is unpleasant for the victim and can be costly. Remaining diligent, maintaining security patches, and keeping current backups is your best defense. If you do end up in a situation where malware is on your computer, make sure you either completely reload your computer or work with an expert to ensure the malware is removed properly and completely.