These Malwares in Your Mobile Phones Can Drain Bank Accounts
August 31 2016 | Biometrics, Malicious Software, Access Control
In one of our previous articles in this section, we discussed how financial institutions are grappling with growing incidents of identity thefts and data breaches. Citing the example of the U.S., where a series of breaches involving social security numbers and debit/credit card details, we turned our attention to major banks in the nation that are now increasingly adopting biometrics to keep cyber criminals at bay.
Still, there are concerns among experts that cyber criminals, sooner than later, could find ways to breach biometric tests.
Protecting credentials remains as the topmost concern for the financial industry. While poor Identity and Access Control Management and lack of Secure Configuration Management in place often leads to identity thefts and other types of internal frauds, rising sophistication of cyber criminals is also compounding the problem. Gone are those days when cyber frauds conned people by installing skimmers on ATMs or sending fraudulent emails.
Mobile banking transactions are now very vulnerable. Your smartphones are now at risk from hacking like never before. Law-enforcement and cyber security professionals recently warned of two new types of malicious software programs: Acecard and GM Bot, which are being increasingly used by cyber criminals to attack the financial industry, the Wall Street Journal recently reported. These malicious codes help criminals to steal credentials from gullible customers while they log on to their online accounts through mobile phones.
According to the Federal Bureau of Investigation (FBI), which is keeping a close tab on the situation, these viruses can bug the two most commonly used operating systems: iOS and Android.
Cyber criminals are using innovative ways to steal credentials. How to make our banking transactions and internet-enabled devices secured against the growing threat rests solely with us. Regularly updating of software with security features, reinforcing identity and access controls and managing passwords with strong credentials including regular changes, could make our fast-paced but vulnerable lifestyle certainly more comfortable.
ARCON is a leading enterprise risk control solutions provider, specializing in risk-predictive technologies. ARCON | User Behavior Analytics enables to monitor end-user activities in real time. ARCON | Privileged Access Management reinforces access control and mitigates data breach threats. ARCON | Secure Compliance Management is a vulnerability assessment tool.
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