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Malwares are targeting mobile banking customers, says Association of Banks in Singapore (ABS)

posted Dec 1, 2015, 10:05 PM by Barny CK
The Association of Banks in Singapore (ABS) has issued a warning to mobile banking customers after 50 smartphone users in Singapore were hit by malware attacks. Malicious malware hidden in software updates of third party apps have infected Android smartphones over the pass few months. However, the updates are not issued by the software makers. After downloading the updates, users were prompted to enter their credit card information. Once that was entered, the malware can intercept one-time passwords (OTP) sent by banks via SMS and make fraudulent online transactions. Apparently, the malware is not only limited to third part apps but are also disguised in the form of an operating system updates. Banks may refund victims of such fraudulent transactions on a case-by-case basis.