Can Malware Disguise Itself as Banking Software?

Hackers are becoming more and more clever when it comes to stealing your information. Of course, their end goal is to turn their efforts into income. One of the best ways for hackers to do this is to gain access to your bank account.

However, banks make it hard for hackers to do their dirty work. Most banks require secure passwords and even offer additional security features like two-factor authentication for their users. Still, hackers have found a way to get all the information they need to get despite increased security measures.

Is malware in banking a real concern for you or your business? How can you protect against these kinds of attacks? In this article, we will discuss how hackers are using new techniques to get the information they find most valuable. More importantly, we will suggest some ways to help protect yourself.

The Usual Methods of Stealing Bank Information

Malware in banking is not the most common way hackers steal banking information currently. While these methods do not use malware disguised as banking software, we still feel they are worth mentioning for educational purposes.

One of the most common ways hackers gain access to banking information is by using phishing emails. These emails are sent to bank customers and appear to be legitimate communications. Users are prompted to click a link which directs them to a fake website where they enter their login information. Most banks will not request login information by email and, when in doubt, you should always contact your bank if you have questions about an email.

Another method hackers will use to steal banking information is by installing a keylogger malware. This malware hides in the background and tracks your keystrokes. In doing so, hackers can learn your passwords and snoop on any other information you may type into your computer. Protecting against this kind of malware is as simple as avoiding any links or file attachments you do not recognize.

While these methods are well-known, they are also very effective. In many cases, some of the more primitive methods of stealing information can get past malware detection software.

Malware Disguised as Banking Software

Protecting yourself from phishing emails and keylogging software is one thing, but what happens when the malware imitates your banking software? Identifying the difference can be difficult, even for seasoned users.

This is the situation the victims of the Camubot malware attack found themselves in. So far, this malware has mainly targeted users in Brazil but there is no telling where it may pop up next. The malware appears to be legitimate banking security software that integrates with biometric verification like fingerprint login technology. Once users have logged in, the hackers have all of their information and can use it to drain bank accounts or sell account information to other hackers online.

The malware is delivered after users are contacted by the hacker posing as a support representative from the bank. Then, the unknowing user is directed to install the Camubot malware and follow the instructions. The Camubot malware is designed to appear legitimate and many users enter their information without thinking twice.

Malware Taking over Browsers

Because there is so much money at play, malware in banking is becoming very advanced. Even users who have not downloaded the banking malware themselves can be affected through malware that was previously installed on their device. This was the case for many people in Poland.

This form of banking malware is installed behind the scenes and waits for a user to navigate to their online banking website. Instead of loading the actual website, the malware will direct the browser to a fake banking website that looks like the real thing. Users enter their login information and, just like that, their information is in the hands of the hacker.

This instance of malware in banking is like a much more advanced version of a traditional phishing attack which directs users to fake websites. Instead of convincing users to click on suspicious links, the hackers use malware to hijack the browsing experience for users.

This is somewhat similar to fake banking apps that have been created for mobile devices. Google and Apple lock down their app stores well but some apps can still be installed outside the app store. These apps could appear to be legitimate banking apps, but are directing users to fake login pages.

Secure Your Banking with Managed IT Services

The growing threats related to online banking could be a threat to your business as well as your personal banking. Managed IT services from Smile Business Products can help protect your computer and your entire network from malware that seeks to steal your banking information.

Stopping malware in banking is about more than just detection. With managed IT services, your business gets protection that examines all areas of your digital footprint to provide effective solutions. Ready to learn more? Contact us today.