If you are not using iPhone for your smartphone, you are probably one of the 1.4 billion users of Android. If you are one of those users, you should be aware of a malware attack that is working overtime to steal your online banking login credentials.
This attack uses overlay malware that places a fake app over a legitimate one that is so realistic that users have a difficult time noticing it’s a fraud. It opens like your online banking app and requests login and password, just like the real ones. Then it takes that information and uses it to steal your money.
This one in particular is GM Bot and is very effective. It is selling for $15,000 according to IBM X-Force. The code for this was leaked online and hackers are taking advantage to rework it so that Internet security defenses can’t detect it; specifically on Android devices older than the current operating system, which is Marshmallow 6.0.
The best way to avoid getting caught out by this to make sure your device is running the latest version of the operating system and that it is patched with the most current updates.
Also, only download apps from your device’s official app store. For Android, that’s Google Play. Anything in those stores go through extra scrutiny before they are allowed to go in that is sometimes skipped when users are allowed to sideload third-party apps from other locations.
It’s also good practice to change online banking credentials regularly. Quarterly is recommended, but more often is better. Choose strong passwords that are not easily guessed, are at least eight characters, use upper and lower case letters, numbers, and special characters. Don’t reuse passwords for your online financial accounts that you use elsewhere. This has caught out many in the past and is blamed for many recent data leaks, such as with Neiman Marcus, Apple, and eBay.
It is still wise to have anti-malware software installed on all devices that connect to the Internet. There are many to choose from and some are even free. Just do some research and try to stick with well-known and reputable companies.
Other bots like this one have been found for sale anywhere from $3000 to $7000. This proves that online banking credentials are valuable and protecting them should not be taken lightly.
For banks and credit unions
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