Malware targets banking apps on Android smartphones

If you have an android smartphone and you use it for banking, listen up. Security experts are warning about malware that’s targeting phones through banking apps to get your personal information and steal your identity.

Right now, it’s happening overseas, but it’s expected to make its way here. A recent report by Risk IQ finds that 11% of banking apps for androids have suspicious malware or some potentially malicious software.

Our tech consultant Craig Peterson says androids are particularly vulnerable because you can go almost anywhere on the internet and download software for your phone.

“You don’t know how safe it is. There are screen savers that take all of your contacts and all of your banking information and upload it to the bad guys,” says Peterson. He adds, “It’s a very dangerous world, so to keep your phone safe, the best trick is, probably reinstall right now. Wipe it out. Reinstall your operating system on your android device and then only get apps directly from google play store.”

Craig says you don’t want to accept text messages to install things from your bank. You can also minimize your risk by keeping your phone updated with the latest version of its software.

“Highly advanced Android Malware recently found in Australia is likely to be heading to the US.”

Research of 350,000 banking-related apps has revealed about 11% contain malware or suspicious binaries. Source code for the potent Android malware GM Bot has been leaked to underground forums, according to IBM security experts. The impact, IBM X-Force threat intelligence says, will be an uptick in GM Bot variants and the number of attacks targeting financial applications on Android-based devices.

How to not get infected by this particular malware? Don’t accept text messages to install things from your bank.

The risk IQ report shows 11% of banking apps for androids have malware or some form of potentially malicious software.

Fact: Hackers Develop Android Malware Every 17 Seconds.

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