Cybercrime has been on the rise in recent years, and Android users have become a prime target for attackers. This is due in part to the open nature of the Android platform. It gives users more control over their devices but also makes them more vulnerable to malware and other threats. In a recent example, a Thai victim lost around 10 million Thai Baht (roughly $280,000) to cybercriminals deploying FjordPhantom. More importantly, it is roughly 4 times the annual salary of an average American, per the 2022 census.
The Android trojan draining bank accounts is FjordPhantom
FjordPhantom malware was First discovered by security firm Promon. That malware is wreaking havoc across several Asian countries, including Indonesia, Thailand, Vietnam, Singapore, and Malaysia. The attack starts when someone sends a message or email to a person, asking them to download a real banking app.
However, there’s a trick — once the app is downloaded, it runs in a special virtual environment that lets the attackers take control. This virtualization thing helps them make the same app work for two people on one device.
The attackers use a special virtualization technique to make the fake app work just like the real app. This means the fake app can run on the same phone as the real one without any problems. They also use hooking to change how the phone’s system works. This allows them to control what happens when you use certain apps. Finally, the attackers call people who have downloaded the fake app and pretend to be from the bank. They try to trick people into giving them their passwords or making transactions. That results in people losing money, of course.
How to be on the safer side against such cybercrimes
There’s no foolproof advice to simply avoid cybercrime; however, there are a few steps to be on the safer side. For example, keeping the phone’s software updated. Google frequently pushes security updates to Android phones. Another move is to refrain from opening suspicious attachments or clicking on unknown links. Whenever possible, enable two-factor authentication for your online accounts. One more advice is to rely on Google Play Store or other leading app stores for installing apps.
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