Financial institutions defrauded by phone apps

Published July 23, 2014
Kellermann said that some of the attackers were in Romania but that the leader spoke Russian and could be based there.— File photo
Kellermann said that some of the attackers were in Romania but that the leader spoke Russian and could be based there.— File photo

SAN FRANCISCO: More than 30 financial institutions in six countries have been defrauded by sophisticated criminal software that convinces bank customers to install rogue smartphone programmes, a major security company reported on Tuesday.

Though many of the elements of the malicious software, including the interception of one-time passwords sent to phones, have been used elsewhere, the latest criminal campaign is unusual in that it combines many different techniques and leaves few traces.

Researchers at Trend Micro Inc, which dubbed the campaign Emmental after the Swiss cheese, said they were working with European police and major banks on the continent that were early victims.

Cyprus in search of buyers for bank in US laundering probe

Banks in Austria, Sweden, Switzerland and Japan have all been hit, with damages somewhere in the millions of dollars, said Trend Micro Chief Cybersecurity Officer Tom Kellermann.

Kellermann said that some of the attackers were in Romania but that the leader spoke Russian and could be based there.

The least sophisticated part of the gang’s work so far appears to be in the delivery of the software, according to a report by Trend Micro researchers.

Emails that appear to be from major retailers come with attachments that, when opened, prompt the user to download a malicious attachment of an unusual type, called a control panel item.

Published in Dawn, July 23rd , 2014

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