Fake Banks Apps May have Stolen Thousands of Customers Data: ReportWeb & Apps

October 25, 2018 16:37
Fake Banks Apps May have Stolen Thousands of Customers Data: Report

(Image source from: GOBankingRates)

More than a few Indian bank customers may have been duped by scammers through fake Android applications.

According to a report by Sophos Labs, an Information Technology (IT) security firm, customers of at least 7 banks, State Bank of India (SBI), ICICI Bank, Axis Bank, Indian Overseas Bank, Bank of Barod, Yes Bank and Citi Bank might have lost their data from their mobile phones through these apps. These apps are accessible on the Android Play Store and is similar to the banks' original apps and customers might have been lured into downloading and installing these apps by offering some free samples.

According to an Economic Times report, the banks have not entirely acknowledged that this threat exists and only a few of them said they will conduct an investigation. These banks have kept the nodal agency, CERT (Computer Emergency Response Team) also in the loop. CERT may do its own investigation as it does with computer security incidents brought to its attention.

Yes Bank has said they have handed over the case to their cyber fraud department. The largest of them all, SBI is still, yet to take action in any manner.

The interesting thing, if one were to go by the report by Sophos Labs, is that some of these apps were 'too good to be true'. Some of these apps carried malware that was able to stealing other information that the users might have stored in their phones, like credit cards and other details.

The familiar, but a serious problem of rogue apps finding their place in the Android Play Store has been disturbing the cybersecurity experts for long.

Google has taken some steps in recent times in its and privacy and security policy for app developers and some of the permissions earlier granted are not being effortlessly allowed now. But it is still a long method before Google is able to clear out its Play Store of all such wary apps.

The banks will have to work out their own ways to stop this threat and set up some steps to prevent customers from falling into traps.

-Sowmya Sangam

If you enjoyed this Post, Sign up for Newsletter

(And get daily dose of political, entertainment news straight to your inbox)

Rate This Article
(0 votes)