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Unveiling the Q2 App Threat Report: The State of Financial Services’ Malware Defense

By Tana Blegen June 30, 2023 12:54 pm

Check out our new App Threat Report on the State of Financial Services’ Malware Defense

In the latest App Threat Report, we delve into the growing concern of malware targeting financial services apps and, specifically, the vulnerabilities posed by malicious screen readers.

Malware’s Focus on Financial Services Apps

According to SecureList, Q1 2023 witnessed a staggering increase of 19% in banking trojans, surpassing 57,000 observed cases compared to Q4 2022.

These trojans are designed to steal customer credentials, extract personal data, and even initiate unauthorized transactions.

A standard attack vector for malware targeted at financial apps is to exploit Android’s Accessibility Services. This allows malicious actors to use screen readers to access the affected device’s screen and contents, meaning they can perform tasks like stealing sensitive information and controlling the device.

Recognizing the urgency of addressing this issue, our team set out to assess the security measures implemented by financial services apps against this attack.

Report and findings

Promon’s Security Research Team extensively tested 100 leading Android banking and financial services apps. Simulating real-world screen reader attacks, we developed a simple screen reader capable of exfiltrating data entered within the app.

The results were eye-opening, with many apps vulnerable to data exfiltration. Check out the full report to discover the exact findings and actionable recommendations to improve your app’s security.

Download the report
App Threat Report - Malware