New FakeBank Malware Can Snoop OTP And Steal Funds

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Back in January a new malware named as a FakeBank was discovered. As its name suggests this new malware can intercept the calls as well as messages sent by the banks in order to snoop OTP and steal funds from the user’s bank accounts.


FakeBank is trojan virus. When this virus enters into mobile phones it scans the banking application. When a victim opens the banking app shows the fake login screen on the top of the banking app. This malware also keeps its eye on the user’s personal data like their contacts, phone number, account number, account credit cards/debit cards, location. It gathers all the banking details which are installed on the victim’s Android device. But this was its first version.

Now, this malware is in version 2. According to the reports, FakeBank is one of the most creative malware which is on the market. Its new variant is now capable to intercept the calls and messages received by the user and send it to the scammers. In major cases, the messages are the OTP which is banking institutions send to the user to complete the transactions. This malware sends it to the scammers and they steal all the money from the user’s account.

The reports were first spotted on the Symantec website. The cybersecurity team of Symantec found this new variant of FakeBank malware which is capable to intercept both incoming and outgoing calls and redirect it on the scammer’s number. Experts found this malware inside the 22 Android applications which are distributed via untrusted third-party application stores. However, some are also distributed via social media platforms.

According to the Symantec researchers, this FakeBank malware is now active only in South Korea. So, there are no worries for the other country users. But, definitely, it proves the Android platform very weak. The biggest problem is, it is an open source. So, anyone can ship the malware on Android device and it can be easily activated. Android users have to take care of the activities what is happening with their phone. However, there is no solution for this. It can be only stopped by Google when it will limit the installing of applications from the Google Play Store.



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