Banks ‘Under Attack’ As Customers’ Accounts Drained in Secret Smartphone Hack: Report

Hackers have unleashed a highly advanced piece of malware that quietly infects mobile devices, takes control and drains bank accounts without users even noticing.

Security researchers at Threat Fabric say “Octo2” is a vastly improved version of a malicious mobile malware that captures users’ banking credentials as they are typed on the screen, allowing hackers to remotely send unauthorized transactions.

As accounts are emptied, the malware continuously hides its actions, blocking notifications that would alert the unwitting victim.

The malicious code is deployed through fake Google Chrome and NordVPN apps. Once users are tricked into downloading the software, the code hides in the shadows, unseen by security apps.

Previous versions of the malware have rolled out worldwide. Security researchers expect the same for Octo2 and say banks are already “under attack,” with the first samples of the new version discovered “in the wild” in Italy, Poland, Moldova and Hungary.

“The emergence of this Octo2 variant represents a significant evolution in mobile malware, particularly in the context of banking security…

This variant’s ability to invisibly perform on-device fraud and intercept sensitive data, coupled with the ease with which it can be customised by different threat actors, raises the stakes for mobile banking users globally.”

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