Much like the Greeks are said to have used the Trojan horse to stealthily infiltrate the city of Troy, cybercriminals use banking trojans to infect PCs and applications in an attempt to stealthily gain access to their target’s banking systems. Once the victim’s system has been infiltrated, the software is ready to capture their banking log-in information to be used by the bad actor to steal their money.

Not only are banking trojans a significant threat to individuals, but they can also be used against businesses. This is why it’s particularly vital that you be aware of how to protect both your company and your customers from this form of cyber threat.

How cybercriminals use banking trojans to steal your money

When online banking first became available, it was typically the banking institutions themselves that were the target of cybercriminals. However, with most financial services companies employing sophisticated software protections, it was the customers that soon became easier targets. So how do cybercriminals get malware to infect your device in the first place?

• Phishing – bad actors reach out via email or SMS impersonating a legitimate organisation in an attempt to trick their unsuspecting victims into clicking on links and downloading infected software and applications.
• Malware in advertising – malware is injected into legitimate advertising so when clicked on, the user is directed to a fraudulent website
• Fake apps – Mobile banking trojans are also common. Fake apps are hosted on legitimate app stores and websites which victims download to their devices which are quickly infected with malware

How you can protect your company and your customers from banking trojans

There are a number of ways that both individuals and businesses can stay protected against banking trojans and other forms of malware.

The first is by being aware – keep an eye out for the following:

• Unusual emails, particularly from odd email addresses or that contain logos and content that doesn’t seem quite right
• Websites that look different to your usual online banking system – this may be something seemingly insignificant, such as a miss-spelt word or a change in design

There are also things that may suggest your device has already been infected with a banking trojan

• Unusual and regular pop-ups
• Missing files
• Your device or certain programs running abnormally slow
• Applications or websites that unexpectedly request details such as credit card information
• Devices that are still operating when not in use

It’s important that you use all safety and protection features recommended by your chosen financial institution. This can include two-factor authentication and using a trusted browser. To ensure your systems are protected against the infection of banking trojans and other forms of malware, it’s important that you team up with a digital protection company like FraudWatch. Our highly trained human analysts scour the web for dangers 24X7X365 to protect our clients from malicious software. Contact the team today to ensure you’re financial details are safe.