While banks are gearing to go digital, to keep up with government's push for digital India, 7 Indian banks are already said to be infected by malware.
According to The Hindu BusinessLine report, citing US-based security research firm FireEye, seven Indian banks have mobile apps infected by malware and can steal your precious data.
Though the names of the Indian banks with affected mobile apps aren't revealed, the study claims that banking fraud incidents have affected banks in Ukraine, Ecuador and India, with a total loss of over ₹100 million. Vishal Raman, India Head at FireEye told the news site that India has financially-motivated cyber criminal groups stealing funds from organisations, consumers, ATMs and banks.
The report claims that there has been an increase in the degree of sophisticated attacks compared to before. With improved tactics and procedures, it is becoming difficult to investigate. According to the report, two major malware found on Indian banking apps are Webinjects and Bugat. The former makes users download malicious software disguised as a security certificate while the latter is used by groups that spread malware through spam emails.