Smartphone is the need of everyone today and so the first target of most of the Cyber Criminals. Malware authors are getting to know their market and are changing their way of operations. Since last year we have seen a rise in the number of hackers moving from the Blackhat into the Greyhat.
iBanking, a new mobile banking Trojan app which impersonates itself as an Android ‘Security App‘, in order to deceive its victims, may intimidate a large number of users as now that its source code has been leaked online through an underground forum.
It will give an opportunity to a larger number of cybercriminals to launch attacks using this kind of ready-made mobile malware in the future.
Since many banking sites use two-factor authentication and transaction authorization systems in order to deal with the various threats, by sending unique one-time-use codes to their customers’ registered phone numbers via SMS, but in order to defraud them, cyber criminals have started to create various mobile malware like iBanking to solve their purpose.
In addition, with the iBanking malware, Computer malware is used to defeat the mobile-based security mechanisms used by the banking sites.
“Apart from the server-side source-code, the leaked files also include a builder that can un-pack the existing iBanking APK file and re-pack it with different configurations, essentially providing fraudsters with the means to create their own unique application,” added Daniel Cohen.
In addition to SMS Sniffing, the iBanking app allows an attacker to redirect calls to any pre-defined phone number, capture audio using the device’s microphone and steal other confidential data like call history log and the phone book contacts.
During the installation process, the malicious app attempts to Social Engineer the user into providing it with administrative rights, making its removal much more difficult.