Malware attack targets banking apps

Smartphone users using banking apps need to tread carefully. As per the Quick Heal Quarterly Threat Report for Q1 2015, the last few months have seen an exponential growth in the incidents of malware attacks on Android mobile banking apps.

Consider this, in Jan-March 2015 quarter Quick Heal labs found over 19,000 Smartphones being targeted by the malware.

"There are plenty of smartphones which may do not have any security app installed. The malware, by now, would have all the access to the user's financial and personal data. Most of us are unaware of these types of threats, and even when we are aware, we don't take actions to protect our security and privacy until it is too late," said the report.

The 'Android.Wroba.A' malware, known as a banking Trojan, looks like a trustworthy app but is created specifically to steal financial and personal information such as credit card details, online banking login credentials, personal information and more.

The growth in smartphone adoption has led to many financial institutions launching their mobile apps for customers who want the convenience of 24-hour, anytime/anywhere banking. As per RBI records, of the 589 million bank account holders, over 22 million customers use mobile banking apps.

One way to avoid unsafe banking is to download apps only from genuine markets like Google Play.