What are Banking Trojans?

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What are Banking Trojans?
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Hackers design sophisticated malware like banking
trojans to steal users data, highlighting the
need for awareness of effective countermeasures.
A banking trojan is malicious software created
for nefarious purposes, especially to steal
confidential financial information. After
gathering sensitive information, cyber criminals
exploit it for monetary gain, often by selling it
on the dark web. Banking trojans can have a
devastating impact on individuals and
organisations, leading to financial and
reputational loss. To stay protected from these
threats, you can employ robust cyber security
measures, such as up-to-date antivirus software,
regular system updates, and user education to
recognise and avoid phishing attempts.
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Banking trojans are among the most insidious
online threats, jeopardising individual and
organisational security. The year 2023 witnessed
a substantial rise in banking trojan attacks. The
global pandemic and resulting quarantine
transitioned people towards online technology for
daily tasks, which created a breeding ground for
attackers. FBI warned that banking token attacks
are among the top targets for attackers looking
to exploit the situation. So, lets understand
the banking trojan and its different types in
detail.
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What are Banking Trojans?
Banking trojans are malicious software developed
to infiltrate banking systems and steal
confidential information. The software targets
the very core of our financial structure by
creating a covert backdoor, allowing outside
parties to gain access. They can also employ
other deceptive techniques, such as spoofing, to
mimic the bank clients credentials.
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How Do Banking Trojans Work?
Banking trojans use a range of deceptive tactics
to infiltrate computer systems and extract
sensitive information. For example, banking
trojans can be embedded in phishing emails or
downloaded as a part of pirated or fake copies of
legitimate software. Once nestled within the host
system, the trojan employs a suite of techniques
to collect critical banking credentials and other
sensitive data. These techniques include
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• Extracting the cached credentials from the system
  and web browsers.
• Stealthily monitoring the keystrokes when users
  type.
• Searching the file system for stored passwords.
• Sometimes, banking trojans also utilise a
  keylogger to intercept login details when a user
  navigates to other targeted sites. By operating
  in this manner, banking trojans amass valuable
  users information without their knowledge,
  exposing them to significant financial and
  identity theft risks.

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Different Types of Banking Trojans
Banking trojans are diverse and exhibit a range
of tactics to compromise mobile and desktop
security. Here are some prevalent
categories Keylogger Trojans Keyloggers are a
trojan type that clandestinely records users
keystrokes on their devices. These keystrokes
include usernames, passwords, PINs, and other
credentials. They operate in the background,
silently recording every keystroke and
transmitting the collected data to the malicious
actors.
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Screen Scraper Trojans Malicious actors design
screen scraper trojans to capture screen content,
including critical data, such as account details
and transactions, and transfer them. Due to their
ability to intercept account details,
transactions, and even OTPs, they pose a threat
to mobile apps. Overlay Trojans Overlay trojans
are well-known for their ability to fabricate
counterfeit login screens that superimpose
legitimate apps, including mobile apps. When
unsuspected users submit their information, they
unwittingly provide it to threat actors. They are
proficient in mimicking the interface and can be
challenging to detect, posing a heightened threat
to security.
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SMS Intercept Trojans These categories of the
trojans intercept messages sent to the users
device, including one-time passwords and
authentication codes. By catching this crucial
information, attackers bypass two-factor
authentication and gain access to sensitive
information. Remote Access Trojans (RATs) RATs
grant attackers remote control over the infected
device, empowering them to execute harmful
actions. Attackers use this device for multiple
malicious actions, such as executing illicit
transactions or exfiltrating sensitive
data. Man-in-the Browser(MitB) Trojans MitB
trojans are used to infect web browsers and
manipulate transactions. They trick users by
altering the content displayed in the browser,
creating a blurry line between reality and
illusion, and engaging them in fraudulent
activities.
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Evolutionary Trojans Banking trojans are
continually evolving to evade detection and
augment their capabilities. They may also
incorporate advanced obfuscation techniques,
anti-analysis methods, and even legitimate
detection to expand reach. Proxy Trojans Proxy
trojans are designed to reroute device traffic
through a proxy controller. This redirection
facilitates the interception and exchange of data
between a users device and the banking system,
potentially altering the transactions or stealing
sensitive information.
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SMS Spamming Trojans SMS spamming trojans flood
the users device with spam data, creating a
smokescreen of confusion and illusion. They trick
users by sending fake messages, resulting in
monetary and informational loss. Camouflage
Trojans The deceptive software masquerades as
legitimate, often mimicking popular banking apps.
Deceptive icons and name users give a sense of
security, prompting them to download these trojan
imposters.
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Conclusion
Banking trojans are the most insidious threats in
the growing cyber landscape. Understanding the
risk of trojans and appropriate countermeasures
is crucial to bolster your security and safeguard
your financial information. The best way to
protect yourself from banking trojans is to
defend all surfaces equally. Banking trojans
require a multilayered approach, encompassing all
security factors. Additionally, you can safeguard
yourself by deploying anti-malware software,
extended detection and response, and email
protection techniques.
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Stay connected with Cyber News Live to learn more
about new cyber threats and methods to mitigate
the risks. For more information on banking
trojans see What is a Banking Trojan by Check
Point Software.
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