New Breed of Banking Malware Hijacks Text Messages

Posted by Ridcully on Jun 29, 2013 12:18 PM EDT
American Banker; By Penny Crosman
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Out of band authentication — communicating with a customer outside of his mobile banking app to verify his identity or a specific transaction — is a generally respected means of deflecting mobile banking fraud. But RSA's Anti-Fraud Command Center on Monday found and reported on a Trojan called Bugat that has been updated to hijack out-of-band authentication codes sent to bank customers via SMS.

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