Fake Apps & Banking Trojans Are Cybercriminal Favorites

By on Dec 19, 2018

Today, we are all pretty reliant on our mobile technology. From texting, to voice messaging, to mobile banking, we have a world of possibilities at our fingertips. But what happens when the bad guys take advantage of our reliance on mobile and IoT technology to threaten our cybersecurity? According to the latest McAfee Labs Threats Report, cybercriminals are leveraging fake apps and banking trojans to access users’ personal and financial information. In fact, our researchers saw an average of 480 new threats per minute and a sharp increase in malware targeting IoT devices during the last quarter. Let’s take a look at how these cyberthreats gained traction over the past few months.

While new mobile malware declined by 24% in Q3, our researchers did notice some unusual threats fueled by fake apps. Back in June, we observed a scam where crooks released YouTube videos with fake links disguised as leaked versions of Fortnite’s Android app. If a user clicked on the link to download this phony app, they would be asked to provide mobile verification. This verification process would prompt them to download app after app, putting money right in the cybercriminals’ pockets for increased app downloads.

Another fake app scheme that caught the attention of our researchers was Android/TimpDoor. This SMS phishing campaign tricked users into clicking on a link sent to them via text. The link would direct them to a fabricated web page urging them to download a fake voice messaging app. Once the victim downloaded the fake app, the malware would begin to collect the user’s device information. Android/TimpDoor would then be able to let cybercriminals use the victim’s device to access their home network.

Our researchers also observed some peculiar behavior among banking trojans, a type of malware that disguises itself as a genuine app or software to obtain a user’s banking credentials. In Q3, cybercriminals employed uncommon file types to carry out spam email campaigns, accounting for nearly 500,000 emails sent worldwide. These malicious phishing campaigns used phrases such as “please confirm” or “payment” in the subject line to manipulate users into thinking the emails were of high importance. If a user clicked on the message, the banking malware would be able to bypass the email protection system and infect the device. Banking trojans were also found using two-factor operations in web injects, or packages that can remove web page elements and prevent a user from seeing a security alert. Because these web injects removed the need for two-factor authentication, cybercriminals could easily access a victim’s banking credentials from right under their noses.

But don’t worry – there’s good news. By reflecting on the evolving landscape of cybersecurity, we can better prepare ourselves for potential threats. Therefore, to prepare your devices for schemes such as these, follow these tips:

  • Go directly to the source. Websites like YouTube are often prone to links for fake websites and apps so criminals can make money off of downloads. Avoid falling victim to these frauds and only download software straight from a company’s home page.
  • Click with caution. Only click on links in text messages that are from trusted sources. If you receive a text message from an unknown sender, stay cautious and avoid interacting with the message.
  • Use comprehensive security. Whether you’re using a mobile banking app on your phone or browsing the internet on your desktop, it’s important to safeguard all of your devices with an extra layer of security. Use a robust security software like McAfee Total Protection so you can connect with confidence.

And, of course, to stay on top of the latest consumer and mobile security threats, be sure to follow me and @McAfee_Homeon Twitter, listen to our podcast Hackable? and ‘Like’ us on Facebook.

About the Author

Gary Davis

Gary Davis was previously McAfee's Consumer Security Evangelist providing security education and advice to businesses and consumers. He is a sought-after speaker on trends in digital security, appearing at conferences and events, as well as security and consumer lifestyle broadcast outlets and publications such as ABC, NBC, FOX, the Wall Street Journal, USA Today, Money ...

Read more posts from Gary Davis

Leave a Reply

Your email address will not be published. Required fields are marked *

Subscribe to McAfee Securing Tomorrow Blogs