The agency that oversees the financial sector in Germany has issued a warning about ‘Godfather’ malware attacking banking and cryptographic applications. Hundreds of these platforms were targeted, the regulator noted, including those operating in the Bundesrepublik.
Financial authorities advise Germans on how to protect their mobile apps from malware
Germany’s Federal Financial Supervisory Authority (Bafin) has warned consumers about threats from malicious software known as ‘Godfather’. The Trojan usually mimics a legitimate application and records user input when accessing fiat and crypto accounts.
In a note published on Monday, the watchdog pointed out that the Godfather has already attacked about 400 banking and cryptocurrency applications, including those developed by financial institutions operating in Germany.
It is still unclear how precisely the malware is loaded onto targeted devices, but it is usually launched as a fake interface of a regular bank or cryptographic application to collect login information and pass it on to cybercriminals, Bafin explained.
The malware also sends push notifications to get codes generated for two-factor authentication purposes. The acquired data allows hackers to gain access to customer accounts and digital wallets, detailed the press release.
In November, Germany’s Federal Office for Information Security (BSI) published a video providing consumers in the country with practical tips on how to safely use its mobile apps.
The Godfather is designed to infect and take control of Android-based devices in order to download and install other malicious software. It can also use them to send messages, including spam, and to conduct denial of service (DDoS) attacks.
The all-time highs of 2021 sparked a spike in coin theft attempts, including hackers using fake apps to empty wallets. However, according to recently released blockchain security data, cryptocurrency incidents involving hacks, code exploits and exit scams reached a record low for 2022 last month.
Negative market developments also affected the sector. Following the collapse of major players such as crypto exchange FTX, Bafin issued a mid-December call for global regulations ensuring better protection for consumers in the space.
Do you expect attacks via malware like Godfather to increase in the future? Share your thoughts on the matter in the comments section below.
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