FakeBank, must not only focus on implementing

FakeBank, anewly discovered malware consists of malicious tactics that we regularly don’tsee from common malware. It was found targeting Russian banking customers byactually depicting itself as a SMS/MMS management application. After deceivingusers and being executed in their mobile platform as a legitimate form of app,it not only hides there but also takes command of their SMS capabilities. Suchan idea may have seemed inconceivable not too long ago, but now maliciousthreats are more intelligent and in this case could execute itself for a longtime, blocking users from changing configuration settings. Therefore, themalware basically takes dominance over users’ legitimate default SMS platformin order to intercept and analyze various text messages. Also, as banks receiveconfidential code to login, FakeBank takes charge and easily alters users bankpasswords.

Altogether, it’s aftermath effect poses an awful system andfinancial burden. Once it infects and steals/transfer funds, it gets stored ina way where it hides its icon and once observes powerful anti-virus security,it withdraws from their mobile platform. Until FakeBank is completelyeradicated, it can continue to call private users, send SMS itself, steal calllogs, and view victim’s contact lists.

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Nevertheless, we are facing cyber crime threatsthat are becoming more sophisticated to deal with. Organizationsof any size must not only focus on implementing the best centralized security platformbut also effective measures to defend against small but highly lethal maliciousthreats. Sometimes even common security methods like notifying users afterlogging in their bank account from email or through other device can behelpful. In many cases, it’s merely about integrating methods like two factor authenticationor multi factor authentication that really helps relieve the burden for users.

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