As scammers seek new ways to exploit unsuspecting victims, cybersecurity experts are working hard to expose their tactics and raise awareness among internet users.
The digital world, filled with vast amounts of data, is not always a safe place, and cybercriminals are constantly targeting smartphone users with Android and iOS operating systems.
How can your money be stolen?
The British newspaper “The Sun” revealed a new financial fraud scheme that allows hackers to access victims’ bank accounts without needing their physical cards or phones. Once they gain access to apps containing bank card information, scammers can easily steal victims’ money without their knowledge.
Experts from Threat Fabric have warned that a cyberattack known as “Ghost Tap” can clone cards linked to Google Pay and Apple Pay, making it easy for cybercriminals to withdraw funds from victims’ accounts.
The evolution of cyber fraud Last year, a similar type of malware was discovered, known as “NGate,” which allowed for withdrawals from ATMs.
However, this time, scammers are transferring victims’ money to money brokers in different countries, who can then withdraw the funds without the need for a credit card or mobile device.
Once the scammer obtains the password required for Google Pay or Apple Pay, they can purchase anything they want from any card reader anywhere in the world.
This is made possible by malicious software installed on your legitimate banking app or digital payment app.
How to protect your banking data?
This type of cyberattack, known as “Ghost Tap,” has become increasingly common and is not limited to banking apps but also includes shopping apps.
Although banks’ fraud prevention mechanisms may detect these unauthorized transactions due to the required security measures to verify the user’s identity, the risk remains.
There is still a high probability of funds being stolen due to the bad habits of some users who are unaware of the risks.
Mona Magdi, an information security expert, warned about the following habits
- Download banking apps and transfer money only through trusted online stores.
- If there are multiple options for similar apps, choose the one with the highest number of user ratings.
- Be sure to log out of your account after using these apps, as leaving them connected to the internet in an active state makes it easy for scammers to hack your data.
