Wednesday , 17 April 2024

Think Your Mobile Banking App Is Safe? Think Again! You Could Be In Deep “Svpeng” – Here’s Why

If you have a mobile banking app connected to USAA, Citigroup, American Express, Wells Fargo, Bank of America, TD Bank, JPMorgan Chase, BB&T or Regions Bank, you could be in deep Svpeng. Here’s why.
The above comments are edited excerpts from an article* by Shah Gilani ( entitled Beware: Russian Worm Burrows Into Our Mobile Banking.
Gilani goes on to say in further edited excerpts:
If you think your mobile banking app is safe, think again. The above mentioned Svpeng is a breed of malware that targets your mobile device. It doesn’t come from your bank, but gets onto your device through a “social engineering” campaign that uses text messages as a medium of infection. To know how to avoid it, I’ll tell you exactly how this worm turns.
Once on your phone, Svpeng looks for an app from one of the banking institutions identified above. If it finds an app associated with one of the banks mentioned above, it locks your screen with…a supposed FBI penalty notification letter, complete with a picture of you taken with your own phone and displays it…demanding that you send it $200 in Green Dot MoneyPak cards….While it locks your screen, it’s thoughtful enough to suggest stores where you can buy MoneyPak vouchers and, of course, provides a data field into which you can type the voucher numbers.
Svpeng does not currently steal online banking credentials, though it is believed that it’s only a matter of time before the worm does so, according to Moscow-based computer security company Kaspersky Lab, who also say that research has determined that:
  • the malware also contains code that could be used to encrypt files stored on your device and demand money to unencrypt them.
  • once your device is infected, it’s almost impossible to get it out and
  • if a mobile device doesn’t have proper mobile security in place it is virtually impossible to repel an attack of American Svpeng
You’ve been warned.
I suggest you call your bank and ask them if they have a solution. Maybe they’re working on something you can download that hides their app from being identified by Svpeng.
Good luck, and by the way – smile – your phone may be about to take your picture!
Editor’s Note: The author’s views and conclusions in the above article are unaltered and no personal comments have been included to maintain the integrity of the original post. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.
* (©2014 Monument Street Publishing. All Rights Reserved.)

Stay connected

Related Articles:
1. Talk About Financial Security! 20% of Population Use Same 5 PIN Numbers! Do You Too?

What do you think is the easiest PIN number to crack? It’s important to know because if your bank decides your PIN was too easy to crack, they won’t reimburse you when your money gets stolen. Read on to learn which number combinations to avoid. Read More »

2. Think Your Password Is Secure? Hardly!

Most things we think about password security are completely wrong as I found out when I tested one of my passwords against Silent Circle’s crypto analysis tool. Words: 487 Read More »

3. It’s Imperative to Protect Your Security/Privacy Online – Here Are 5 Ways To Do So

Online privacy is becoming more important…Below are five different tools and services that…you can set up…in 5 minutes. Each of them will go a long way in securing your privacy online. Words: 460 Read More »

4. Your Password Isn’t Enough to Keep Your Info Secure on the Internet – So What’s a Person to Do?

With password leaks and dumps becoming common occurrences our lives are simply becoming too easy to crack. That string of characters you use as a password can’t protect you any more. What’s being done about improving the situation? What’s being done about making our lives more secure? This infographic attempts to answer those questions and more. Read More »

5. Google Yourself and You May Be Amazed – Or Even Dismayed – At What People Know About YOU!

To answer the question “How much can people learn about me by simply Googling me?” just Google yourself, or as some people say, complete your own “vanity search”. You may be amazed – and perhaps even dismayed – at what is out there about you! Why should you care? Because friends, relatives, employers, recruiters, hiring managers, and even strangers may be searching for information about you on the web so shouldn’t you better control what people can learn about you online? Read More »

6. Social Media Sites are Tracking You! Here’s How to Better Manage Your Online/Phone Apps

As our lives become increasingly digital it is easy to share more and more information online and with our phones. Some of these sites and apps that you use, however, may not be as trustworthy as you think. This extremely informative infographic shows quite clearly what is going on and what you can do to stop apps from either tracking you altogether or to the extent that they currently are.

7. Internationalize Your Internet Address – Here’s Why & How

In this article I explain why you should seriously consider internationalizing your domain name, teach you some basic terms so that you can understand how to choose the jurisdiction of your domain name (as well as make sure that your personal or business information is not leaked out into the public domain) and tell you how to do it. Read on! Read More »

8. Internationalize Your Internet Setup to Prevent NSA from Spying on Your Personal & Business Information – Here’s How

The overreach of the “War on Terror” and heavy-handed copyright laws lend the cover for any US agency to monitor and control your Internet activity. These, and myriad other laws, mean that your personal/business website can be seized at the drop of a hat under the flimsiest of pretexts. Fortunately, it is relatively easy and cheap to move your digital presence across borders where it can dwell in friendlier jurisdictions. Read More »

One comment

  1. Can anyone else imagine that one or more Banking apps that could lead to a RUSH on PM’s because the US$ gets caught up in a online banking panic that leaves investors worried about holding US$ in flat (paper) money?