Security & Fraud

Android Banking Apps Targeted By New Malware

A new malicious software has been identified as circumventing security features on the Android version 6 mobile phone operating system. That’s according to cybersecurity research firm Kaspersky Lab based out of Russia but registered in the U.K. The malware targets users’ banking apps and steals credit card information.

Kaspersky Lab trails the activity of cyberthreats, including such malware, which steals data using an overlay screen on real mobile banking apps and in the Google Play Store.

Recently, PYMNTS reported on recent threats specifically for Android users.

The discovered malware, according to Kaspersky, seems to be an altered Trojan malware known as Gugi, which was first detected in June. Gugi malware affects mobile devices by way of a text message enticing users to click on a link, tricking them with an “additional rights needed” prompt.. From there, the malware receives more of the user’s information. If it’s unsuccessful, the malware blocks the device, and the user must attempt to remove the malware.

Android is the most widespread and dominant mobile operating system globally. The targeted version 6, Marshmallow, was launched by Google in 2015 with multiple built-in safeguards to combat attacks such as these. In the past, Gugi attacks have been primarily in Russia, though the U.S. is among the top countries for malware targets overall.



The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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