New Android Malware Intercepts Calls Connecting Banking Users to Scammers

Researchers from Symantec discovered new Android malware (Fakebank malware) which is able to identify calls to and from banks, intercept such calls and divert them to scammers.
Apps containing the above mentioned malware were not present in the official Android Play Store, but come are sourced from third-party Android markets and some social media sites. Researchers discovered 22 apps so far, targeting Korean bank clients.

The Fakebank variants we’ve seen in the past usually collect bank SMS, record phone calls to banks, and display a fake bank login UI. This new variant, however, is able to intercept calls both incoming and outgoing.

"When users call a real banking phone number, the malware is able to intercept and transfer the call to the scammer’s configured phone number. When a call comes in from a scammer, the app will overlay a fake UI dialog that spoofs a legitimate bank caller ID and number."

How to protect yourself?

• Keep your software up to date
• Refrain from downloading apps from unfamiliar sites and only install apps from trusted sources
• Pay close attention to the permissions requested by apps
• Install a suitable mobile security app
• Make frequent backups of important data