Android phone malware, ‘SharkBot”, attacks Android banking apps

New Delhi, November 16th : .

Cybersecurity experts have found a new Android Trojan to bypass multi-factor authentication for banking apps on smartphones.

This Trojan can expose users financial information and put them at riskCalled SharkBot, the Android malware has been found in attacks across Europe and the US, focused on stealing funds from mobile phones running the Google Android operating system.The Android malware, known as "SharkBot", has been discovered in both Europe and America.

It aims to steal funds from Android-powered mobile phones "The main goal of SharkBot is to initiate money transfers from the compromised devices via Automatic Transfer Systems (ATS) technique bypassing multi-factor authentication mechanisms," the researchers from cyber security firm Cleafy said in a statement.Cleafy, a cyber security company, stated that SharkBots main purpose is to make money transfers using compromised devices through Automatic Transfer Systems (ATS).

This bypasses multi-factor authentication systems "These mechanisms are used to enforce users identity verification and authentication, and are usually combined with behavioural detection techniques to identify suspicious money transfers," the team added.The team explained that these mechanisms were used to verify and authenticate users and can often be combined with behavioral detection techniques to detect suspicious transfers of money SharkBot appears to have a very low detection rate by antivirus solutions since multiple anti-analysis techniques have been implemented.

Since multiple anti-analysis methods have been used, SharkBot" appears to be very difficult to detect by antivirus software "Once SharkBot is successfully installed in the victims device, attackers can obtain sensitive banking information through the abuse of Accessibility Services, such as credentials, personal information, current balance, etc., but also to perform gestures on the infected device," the researchers informed.Researchers stated that SharkBot can be successfully installed on victims devices.

This allows attackers to gain sensitive bank information via Accessibility Services SharkBot belongs to a "new" generation of mobile malware, as it is able to perform ATS attacks inside the infected device.Known as "SharkBot", this mobile malware belongs to a new generation.

It is capable of performing ATS attacks on the infected device.This technique has already been seen recently from other banking trojans, such as Gustuff.

This has been used in other trojans such as Gustuff.ATS (Automatic Transfer System) is an advanced attack technique (fairly new on Android) which enables attackers to auto-fill fields in legitimate mobile banking apps and initiate money transfers from the compromised devices.

The advanced attacker technique known as ATS (Automatic Transfer System), is relatively new to Android.It allows attackers auto-fill in fields within legitimate mobile banking apps, and then initiate money transfers using the compromised devices.

The malicious app is installed on the users devices using both the side-loading technique and social engineering schemes, the report said.According to the report, malicious apps are installed onto users phones using sideloading and social engineering techniques.

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