The FBI says online banking apps could be a major security threat

These days, cybercriminals are increasingly targeting cybercriminals to steal mobile banking users’ account information, according to a new FIB warning. The Center for Internet Crime Complaint Center (IC3) has issued a warning that in the event of an epidemic, mobile banking may attempt to exploit more targeted users of online banking applications.

As banks closed while U.S. cities were locked up, Americans relied on mobile banking apps for payments, exchange funds, and cash checks. In fact, a study of U.S. financial data shows that mobile banking usage has increased by 50% since the beginning of this year.

The FBI believes cybercriminals may use fake banking applications and banking Trojans to target mobile banking customers. The following is how cybercriminals use a Trojan-like application.

These Trojans are malicious programs that disguise themselves as other apps such as Games or Tools. However, when a user uses legitimate Online Bank Apps, inactive Trojan programs are activated on their device, similar to a fake login page on a bank login page.

Create and show it above the legitimate application. To prevent detection, the Trojan redirects the user back to the real banking application after entering their username and password on the fake login page.

Cybercriminals create and circulate fake banks over the Internet to steal users’ account information. These apps are designed to appear as legitimate applications from major financial institutions. They provide an error message after a user tries to obtain and bypass the security codes (Verify Codes) sent to users using the smartphone Permission Requests.

To prevent falling prey to fake apps and banking Trojans, the FBI recommends that users only install mobile banking apps from official app stores such as the Google Playstore or the Apple App Store, and enable Tow Factor (2FA) and use strong passwords.

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