Kaspersky Lab recently reported that it detected a significant malware threat “that could affect the 102 million Americans who use mobile banking,” according to BizTech.
The malware, called Svpeng, is first appeared in Russia in September and has since made its way to the U.S. The malware specifically targets mobile banking apps on the phone, locks the phone, then demands money ($200) to unlock it, said the report. The apps targeted by the malware are from a specific set of FIs including USAA, Citigroup, American Express, Wells Fargo, Bank of America, TD Bank, JPMorgan Chase, BB&T and Regions Bank.
The Svpeng scam is currently only demanding payment via Green Dot MoneyPak cards – reloadable debit cards that have “made headlines for their increased use in online scams.”
According to Kaspersky Lab, the malware is expected to go beyond demanding a ransom to stealing information and directly accessing user funds.
This is considered “one of the first major threats to the mobile banking ecosystem” that experts believe could force banks and credit unions to amp up security measurements and education for customers and employees.
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