Extortion Malware targeting Mobile Wallets and Virtual currencies on the rise

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A new research report from cyber security firm F-Secure has highlighted growth in extortion malware. The company cites that it has witnessed SMS message sending trojans and ransomware attacks on Mobile Wallets and Virtual currencies on rise in the H2, 2014. Commenting about the operating systems, the Threat Report, mentions that both Android & iOS have experienced malware which have tried to attack the banking applications and mobile wallets in H2, 2014.

So, does this mean we shouldn’t stop using mobile wallets? Well, the answer is both a ‘yes’ and ‘no’. Amit Nath, Country Manager, F-secure (India & SAARC), uges that people should become cautious. He said, “There’s a lot at stake when it comes to your information being stored in a banking application or mobile wallets. Virtual currencies have also been witnessed under threat. Its time you become cautious and protect what’s irreplaceable.”

The report also highlights the fact that, “TROJAN:ANDROID/SVPENG” is the culprit for spreading malware via SMS messages. This banking Trojan displays a phishing page when the user launches their banking app to phish for account login details. Variants also act as ransomware, blocking the device and demanding payment of a “fine” for alleged criminal activity.

As per the report, LOCKSCREEN & SCAREPACKAGE are the two ransom-trojans that used ‘police-themed’ notifications to scare the users and coaxing them into paying a “fine” for supposed illegal activity. Both threats are detected by F-Secure as variants of the Koler or Slocker families.

You can read the full Threat Report on F-Secure’s website.

Source – http://www.in.techradar.com/news/Extortion-Malware-targeting-Mobile-Wallets-and-Virtual-currencies-on-the-rise-F-Secure/articleshow/47354785.cms


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