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How To Prevent Your Bank Account From Getting Hacked?

IndianMoney.com Research Team | Updated On Friday, March 09,2018, 09:47 AM
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How To Prevent Your Bank Account From Getting Hacked?

 

 

There's breaking news. SBI, HDFC Bank and 230 other banking apps are under malware attack. Yes, a dangerous Android malware has been attacking banking apps including the apps of Too Big To Fail Banks like SBI, HDFC Bank and ICICI Bank. So what is malware? Malware is a malicious software that is specially designed to disrupt, damage or gain access to your Smartphone.

Today, you spend hours on your smartphone, surfing the internet. Your smartphone is also a bank. Most of the banks have apps which help you check account balance, transfer money to family and friends and pay utility bills like water and electricity bills.

With smartphones virtually dictating how you bank online, can a dangerous malware like the Android malware, hack your bank accounts? Is the money in your bank account at risk?

With all these questions running through your mind, it's time for some answers. Want to know more on savings bank accounts and investment planning? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice / education to ensure that you are not mis-guided while buying any kind of financial products.

 

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How To Prevent Your Bank Account From Getting Hacked?

 

This is what Quick Heal Security Labs an internet security firm has to say on the new Android malware. This Android malware can masquerade as more than 200 banking apps, including some Indian banking apps.

 
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1. How does the Android Malware steal your banking information?

 

A Trojan Malware called "Android.banker.A2f8a" is a program, disguised as a legitimate software.  This malware is designed to steal your login credentials, hijack your text messages, upload your contact lists and text messages on a malicious server.

An overlay screen gets displayed to capture details on top of legitimate apps. The malware then throws continuous pop-ups, even if administrative rights are denied. After the malicious app gets installed, it will ask you to activate administrative rights. Even if you deny the request or kill the process, the app will keep throwing up pop-ups until you activate the admin privilege. Once you activate the admin privilege, the malicious app hides its icon, soon after you (user) tap on it.

If you are using any of the banking apps which are a target of this malware, the malicious app shows a fake notification on behalf of the targeted app (say a banking app of SBI or HDFC Bank). If you click on the notification, you are shown a fake login screen which steals your confidential information like net banking login ID and password.

 

SEE ALSO: Victim Of Online Fraud: Get Money Back

 

2. Which are the banking apps targeted by the Android Malware?

 

These are some of the apps targeted by the Android Malware. HDFC Bank MobileBanking, SBI Anywhere Personal, HDFC Bank MobileBanking LITE, iMobile by ICICI Bank, IDBI Bank GO Mobile+, Abhay by IDBI Bank Ltd, IDBI Bank GO Mobile, IDBI Bank mPassbook, Baroda mPassbook, Union Bank Mobile Banking, Axis mobile and Union Bank Commercial Clients.

 

SEE ALSO: ATM Fraud: How Safe Is Your Money?

 

3. How to protect your bank account from the Android Malware?

 

Wondering why the Android malware is so dangerous? This Trojan malware is disguised as a fake flash player app on third-party stores, which can fool you quite easily. Remember, Adobe flash is one of the most widely distributed products on the internet and is widely targeted by hackers.

 

So how to protect your bank account from this malware?

 

  • Do not download apps from third-party app stores or from any links sent via SMS or Email.
  • Always keep 'Unknown Sources' disabled. You will find this option at Settings > Security > Unknown sources.
  • Verify app permissions, before installing any App even from an official source like Google Play.
  • Install a reliable mobile security app which can detect and then block fake and malicious apps, before they have a chance to infect your smartphone.
  • Check for software updates and always keep your mobile OS and mobile security app, up-to-date.

 

Protecting your mobile from Android malware is your responsibility. Not doing so means your bank account can get hacked. Be Wise, Get Rich.

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IndianMoney.com Research Team

The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.

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