BEWARE! Software that steals usersâ€™banking credentials from phones detected

News Express |27th Feb 2022 | 1,894

The Nigerian Communications Commission’s Computer Security Incident Response Team (CSIRT) has discovered a newly-hatched malicious software that steals users’ banking app login credentials on Android devices.

According to a security advisory from the Commission’s CSIRT, the software identified as Xenomorph targeted 56 financial institutions from Europe. It is said to have a high impact and vulnerability rate.

In a statement, Dr. Ikechukwu Adinde, the Commission’s Director, Public Affairs, explained that Xenomorph is propagated by an application that was slipped into Google Play store and masquerading as a legitimate application called ‘Fast Cleaner’.

He said it is ostensibly meant to clear junk, increase device speed and optimize battery.

In reality, the app, according to the statement, is only a means by which the Xenomorph Trojan could be propagated easily and efficiently.

He emphasised that the main intent of the malware is to steal credentials, combined with the use of SMS and Notification interception to log-in and use potential two-factor authentication tokens.

Once up and running on a victim’s device, Xenomorph according to the team, can harvest device information and Short Messaging Service (SMS), intercept notifications and new SMS messages, perform overlay attacks, and prevent users from uninstalling it. The threat also asks for Accessibility Services privileges, which allow it to grant itself further permissions.

“To avoid early detection or being denied access to the PlayStore, ‘Fast Cleaner’ was disseminated before the malware was placed on the remote server, making it hard for Google to determine that such an app is being used for malicious actions.”

The team further noted that the malware also steals victims’ banking credentials by overlaying fake login pages on top of legitimate ones.

“Considering that it can also intercept messages and notifications, it allows its operators to bypass SMS-based two-factor authentication and log into the victims’ accounts without alerting them.

“Xenomorph has been found to target 56 internet banking apps, 28 from Spain, 12 from Italy, nine from Belgium, and seven from Portugal, as well as Cryptocurrency wallets and general-purpose applications like emailing services. The Fast Cleaner app has now been removed from the Play Store but not before it garnered 50,000+ downloads,” the CSIRT security advisory said.

NCC therefore advised telecom consumers to be on alert in order not to fall victim to this manipulation. It also urged telecom consumers and other Internet users, particularly those using Android-powered devices to use trusted Antivirus solutions and update them regularly to their latest definitions.

Also, the Commission implored consumers and other stakeholders to always update banking applications to their most recent versions. (Daily Trust)