30 June 2015

Korean banks under siege from Android malware

27 June 2014  |  7351 views  |  0 web spider

Banking Trojans masquerading as Android mobile apps are spreading like wildfire through the smartphones of Korean users, with up to 100,000 devices so far infected.

The Security Research Lab of Cheetah Mobile says the Trojan pretends to be a popular game or tool on one of the many third party Android markets in Korea with the intention of tricking the user into downloading it.

After installation, the virus searches for banking apps on the phone and alerts the user to a bogus update. Once the update is approved, the official app gets deleted and is replaced with a convincing copy. It then asks for the password for the user's security certificate, which is required by the South Korean government in order to access official online services in the country.

The fake app then proceeds to ask for the user's personal banking data - including account numbers, passwords and card security data - before closing with the message "No Wi-Fi connection. Use 3G or try to connect to the W-Fi again." The malware then shuts down the application and proceeds to remove all traces of itself from the device.

More than 2000 variations of the malware have been detected by CM Security researchers, with more than 3000 Korean smartphones infected in the last week alone.
KeywordsCARD FRAUD

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

17 June, 2014
04 March, 2014
27 February, 2014
11 December, 2013
16 May, 2013
06 July, 2010

Top topics

Most viewed Most shared
Global fintech investment triples - Accent...
8423 views comments | 43 tweets | 25 linkedin
Wells Fargo to usher in voice and facial b...
5510 views comments | 19 tweets | 24 linkedin
Stockholm stakes claim as European fintech...
5049 views comments | 19 tweets | 13 linkedin
E-commerce goes mobile
4919 views comments | 22 tweets | 20 linkedin
European ACHs form Sepa joint venture
4802 views comments | 22 tweets | 13 linkedin

Featured job

to c.£70K base, bonus, benefits
London, UK (City)

Find your next job