Capital Investment Advisors

Hackers Are Now Targeting Smart Phones In The Latest Banking Scam

Hackers Are Using This Sneaky Method To Target Your Smart Phone For Mobile Banking Information

There could be a thief lurking in your pocket.

The latest and scariest threat to our bank accounts is software secretly planted on your cell phone to steal your mobile banking log-in credentials, according to The Wall Street Journal.

This malware gets into your mobile device when you click on a link in a text or advertisement. When you open your mobile banking app, the malware replaces the legit site with a phony version that harvests your login name and password and passes that potentially lucrative information along to the criminals behind the scam. The results can be catastrophic for your bank account.

Interestingly, this form of theft is booming because stealing credit card numbers has become less lucrative. Sadly, it’s so easy to rip off card data that the market for that once-profitable information is saturated.

Related: What You Need To Know About The New Chip Credit Cards

The bank app malware is reportedly able to clone at least 50 of the most popular mobile banking apps. Phones are an easy target for thieves because it’s easy to get users to click on text links and very few of us install security software on our phones.

Protect your accounts by knowing what your banking app interface should look like – and not using the app if something about that interface doesn’t look right. Check your bank accounts daily for strange activity. And never, ever, click on links in texts from unknown sources.

It’s scary to think about someone draining your accounts through the phone in your purse. But with a little awareness and diligence you can avoid becoming a victim of this latest shameful scam.

Related: How To Spot A Car With Water Damage

Previous ArticleNext Article