Indian Banks Suffering from Malware Infection in their Mobile Apps

FireEye the cyber security company in US from their new study reveals that almost 7 Indian banks presently have their mobile apps infected with malicious software which easily enables hackers towards grabbing secret financial information.

The study, which came out in one financial daily, reveals that FireEye was able to detect malware attacks and banking fraud worldwide which impacted banks inside Taiwan, Vietnam, Ukraine, Ecuador, Bangladesh, South Korea and India accounting monetary loss to over $100m.

Vishal Raman, India Head for FireEye says that the security company had seen an upward movement of cyber-criminal gangs financially motivated in execution of sophisticated assaults for pilfering money from individuals, banks, organisations and ATMs alike.

Raman further states that the mode of digital payment in an increasing measure in India will make the aforementioned entities even more lucrative for attacks.

FireEye has intimated to the banks regarding the cyber attacks on them. And Raman analyzes that the criminals have more resources for attacks compared to banks that put the financial institutions in jeopardy in not simply protecting themselves but also manage in identifying and investigating the assaults. Tech.firstpost.com posted this, April 6, 2017.

Indian banking applications have been found infected with two main malware strains -Bugat and Webinject. While Bugat is disseminated through phishing e-mails to seize user data, Webinject is thrust inside multiple malware suites to change the content visible to victims. Actually Bugat steals credentials and only a few cyber-crime gangs use it. The gangs widely run spam mail attacks.

Meanwhile, the increasingly disturbing matter is that banking app attacks are occurring when the country is trying for adopting digital payment transactions replacing cash dealings. Reportedly almost 32 lakh accountholders in nineteen banks were impacted due to ATM malware assaults during October 2016. In March 2017, Bank of Maharashtra filed an FIR in Pune accusing fifty individuals of making an unlawful withdrawal of money with the UPI application that resulted in the bank losing INR 6.14 crores.

Speaking to Hindu Business Line, Raman says financial criminals are now equipped with improved methodologies, tactics and procedures thus making it hard for detecting them as also challenging for investigation.

» SPAMfighter News - 4/11/2017