Financial Malware attacks have spread over the years, becoming increasingly sophisticated and multiplying typologies. Financial Institutions can experience financial malware on the web or mobile applications, such as online and mobile banking. In both cases, potential reputational damage to their online payment services is a real consequence.
Financial malware is a dangerous type of malware that is designed to steal financial information and money from victim’s accounts.
As mobile use is increasing daily, it is most important to focus on protection against malware running on mobile devices. When it comes to mobile fraud, malware targets smartphones and tablets to access private data through a web or mobile app.
A wide range of Mobile Malware exists. Some of them replicate successful attack patterns developed on PCs (for example, RAT or Ransomware). In other cases, we see examples specifically designed for mobile platforms (SMS grabbers, Overlays, and many more). Some focus on state-sponsored spying software (Spyware). Some are more consumer-centric, stealing personal information (privacy-related), credentials, or money from the user or service provider.
Malware is designed to exploit devices at the user’s expense and to the benefit of the hacker.
A malware infection usually starts by tricking the customer into installing malicious software through techniques such as phishing. The malware will run the first time, gaining persistence and starting to execute its malevolent task. In most cases, the user will not notice any unusual behavior, and the malware remains in the background waiting for its target. A malevolent task could be grabbing Text Message coming from specific senders, for example bank OTP codes. Sometimes it overlays the legitimate app to steal CC numbers or user names and passwords. After retrieving the required information, the final fraud is conducted.
Protecting digital sensitive services from becoming malware campaign targets is a priority each enterprise with consumer-facing services should have. Even if end-users are aware of best practices to prevent the introduction of malware apps in their smartphones, this is not always enough to protect them.
Here, users should be safeguarded in accessing the service, preventing fraudsters from stealing and exploiting valuable information.
The Cognitive Security Platform® is specialized in real-time malware detection.
Our Artificial Intelligence can recognize if a piece of malware is running in real-time, evaluating the executing context of the mobile or web app and producing a specific risk score.
The information we provide about the malware is pretty specific. We can fully describe the malware family type and its capabilities in introducing danger into the service. The precise evaluation we provide lets our clients respond in real-time to the risk, choosing the proper countermeasures when needed. They can also activate awareness campaigns targeting end-users and protect them, preventing the attacker from completing the fraud.
All this happens without affecting the user experience.