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Although finding yourself at a point where calling your bank to cancel your stolen card seems unlikely, at least knowing you may make that call can give some comfort. Unfortunately, newer variants of the Android.Fakebank.B malware family, can delay or even prevent you from making that call, according to a well known security software developer.
Fakebank, Android malware that was first detected in 2013, scans your phone and looks at whether you have bank apps installed. Once it finds those apps, the malware prompts you to delete the official versions and install malicious versions that steal your financial login information and payment data.
According to a couple of the security software developers blogs, newer versions of Fakebank go one step further by monitoring outbound phone calls.
Instinctively, when you realize your financial information is stolen your first inclination is to call your bank’s customer service line. These newer versions stop those calls, allowing people on the other end to continue stealing your data while you figure out alternative methods of contacting your bank.
Only other saving grace is that the new Trojan does not prevent victims from sending emails or simply using another phone.
Detection was first acheived in Russia and South Korea, with no mention of it spreading to other parts of the world.
So even if the Trojan is contained to those regions, Android users can follow a few strategies in order to avoid getting their devices compromised.
Make sure your software is up to date, or, at the very least, restrict your app downloading to the Google Play Store.
Secondly, back up your device’s data, a strategy that pays off when you are left with no alternative but to wipe your device in order to get rid of a Trojan.
And finally, be mindful of the permissions downloaded apps may request.
Make sure to flag any suspicious requests.