Researchers at Symantec have discovered a new variant of the Fakebank malware which can be installed on Android devices.
This new variant can now intercept a user’s calls to their bank, instead redirecting them to the fraudsters’ number. It can also make incoming calls from scammers appear to be calls from the bank.
Applications infected with the Fakebank malware are being distributed via social media and third-party Android markets. Symantec report that 22 applications have been infected with this malware.
To date, the Fakebank malware has only been seen targeting South Korean banking customers; however, if the tactic proves successful it is likely to be deployed into other locations.
Users and businesses that use Android devices are encouraged to keep their software as up-to-date as possible and to only download applications from trusted sources, paying close attention to the permissions requested by applications. Important data should be regularly backed-up.
Duncan is a technology professional with over 20 years experience of working in various IT roles. He also has a wide range of other skills in radio, electronics and telecommunications.