It used to be you were concerned with losing your check-book, then it was either losing your credit card or having someone lift the account number, expiration date and 3-digit code. Through the wonders of technology and the adoption of Cashless Consumption, thieves are now targeting smartphones. This dark side of our Cashless Consumption investing theme is a tailwind for Safety & Security applications be they for locking down a smartphone or proactively alerting you when the offender uses your banking credentials.
Cyberthieves have a new way to hack into consumer bank accounts: mobile phones.
Malicious software programs with names like Acecard and GM Bot are gaining popularity around the world as criminals look for new and lucrative ways to attack the financial-services industry. Cyberthieves are using such so-called malware to steal banking credentials from unsuspecting consumers when they log on to their bank accounts via their mobile phones, according to law-enforcement officials and cybersecurity specialists.
The malware typically gets onto a phone when a user clicks on a text message from an unknown source or taps an advertisement on a website. Once installed, it often lies dormant until the user opens a banking app.
The malware then creates a customized overlay on the authentic banking app. This allows criminals to follow a user’s movements on the phone and eventually grab credentials to the account.