The agency overseeing the German financial sector has issued a warning about the “Godfather” malware attacking banking and crypto applications. Hundreds of these platforms, including those operated by Bundesrepublik, have been targeted, the regulator said.
Financial Authority Advises Germans on How to Protect Mobile Apps from Malware
The German Federal Financial Supervisory Authority (Bafin) has warned consumers about the threat from malicious software known as “Godfather. This Trojan horse is often used as a means of The Trojan often mimics legitimate apps and records user input when accessing Fiat and Crypto accounts.
In a notice published Monday, the watchdog noted that Godfather has already attacked about 400 banking and cryptocurrency apps, including those developed by financial institutions operating in Germany.
It is still unclear how exactly the malware is loaded onto the targeted devices, Bafin explained, but it usually launches as a fake interface to regular banking and crypto applications, collecting login information and sending it to cybercriminals.
The malware also sends push notifications to retrieve codes generated for the purpose of two-factor authentication. The data retrieved allows hackers to access customer accounts and digital wallets, the press release detailed.
In November, Germany’s Federal Office for Information Security (BSI)released a videooffering practical tips for consumers in the country to use mobile apps safely.
Godfather is designed to infect and take control of Android-based devices and download and install other malicious software. It may also be used to send messages containing spam and to conduct denial of service (DDoSattacks.
The all-time high in 2021 triggered an increase in attempts to steal coins, including hackers using fake apps to drain wallets. However, according to recently released blockchain security data, crypto incidents, including hacking, code exploits, and exit fraud, reached an all-time low in 2022 last month.
Negative market trends have also hit the industry. In the aftermath of the collapse of major players such as crypto exchange FTX, Bafin issued a call in mid-December for global regulations that would better ensure consumer protection in this space.
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