ICICI Bank Believes No Significant Threat from Mobile Banking Application Malware

ICICI Bank, this Saturday, admitted there was malicious software inside the mobile banking application it maintained, however, with no considerable danger to its end-users. B Madhivanan digital and chief technology officer of the bank said that from what he and his team of experts had observed, the malicious software appeared as not very dangerous.

Cyber-security Company Quick Heal based in Pune earlier cautioned lenders about the malicious software's existence inside the banking applications that were enabled on Android the widely used mobile operating system. According to Madhivanan, anybody wishing towards selling their anti-malware solutions could most surely keep testing and introducing them. He said so in response to anti-virus firm's warning during the past week.

Moreover according to Quick Heal, the company had detected malicious program which feigned to be 200-and-more applications, including a few that the local banks offered. It spread via one bogus Flash Player application while it could eventually dupe the end-users in a way that they'd reveal their passwords along with other login details to access the 232 mobile baking apps individually running on the smart-phones. Gadgets.ndtv.com posted this, January 15, 2018.

The malicious program taps into all the SMSes both outgoing and incoming by accessing administrative rights. With that hackers become capable of really acquiring admission into the end-users' A/Cs circumventing OTP-based validation.

Admitting the kind of problem occurring, Madhivanan stated that some attacker always lurked with attempts at hacking, thus making the cyber-criminals' world running. However, with the several security levels enforced at the ICICI Bank, the institution was sure of its high defending capacity of its whole financial structure.

He said his bank had one robust security architecture comprising one chief security officer, one centre for security operation and 2 centres of network operations.

The bank had 8m accountholders that used its mobile application, and still counting rapidly. Also, its mobile transactions currently made up for 50% of the total digital transactions at the institution and would fast overtake online banking. Hitherto, ICICI Bank alone talked about a malware's potential attack against banking apps, with other banks likely to give more updates over time.

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