An article relating to this blog post on Finextra:
Security experts warn of Trojan.Silentbanker
Experts at security firm Symantec are warning of a new trojan program that circumvents two-factor authentication systems and intercepts account information before it is encrypted.
This Symantec warning shows how banks are still open to man-in-the-middle attacks, as fraudsters constantly look for new ways to break in. However, there are solutions available to protect online banking users against these types of attacks. CAP (Chip
Authentication Programme) devices can be used to secure not only the individual but also the transaction through two-factor authentication. The problem is that not all banks are using such mechanisms particularly for high risk transactions such as payments
to new beneficiaries. These Trojans can be defeated as long as banks have in place sound prevention (such as CAP devices) and detection strategies (such as risk management solutions which can help bank quickly identify fraudulent activity). This is not the
first reported incident of this nature and will certainly not be the last. Consequently, banks need to ensure they remain one step ahead of the fraudsters by putting in place comprehensive anti-fraud strategies. Bob Bennett