Kaspersky identifies new malware which steals money from Mobile Phones

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Kaspersky has issued a mobile security alert against a new malware which steals money from mobile phones. Researchers from the cyber security firm have identified a new malware called Xafecopy Trojan which steals money through victim’s mobile phone. Already more than 40% of mobile users in Asia, especially from India have become victim to this malware and the numbers are said to increase in coming days.

Xafecopy Trojan is available on Google Play store as a battery boosting app. But in reality, it secretly loads malicious code onto the device. Then Xafecopy malware clicks on web pages which are enabled with Wireless Application Protocol (WAP) billing. As WAP billing is directly linked to mobile phone bills, users are forced to clear the debts to keep their mobile services active.

Kaspersky Lab detected that Xafecopy also makes victims phone subscribe to a number of services which do not require registration or link of debit or credit cards. The malware also has the ability to bypass captcha codes and steal money stored in mobile e-wallets.

The Russia based cyber security firm said that the malware has targeted victims in over 47 countries within a space of 30 days and victims of India, Russia, Turkey, and Mexico lead the list.

As India is fast moving towards digitalization, the government of India is encouraging its populace to use mobile banking services. So, cyber crooks have identified this trend as a vulnerability to explore and hack phones to steal money. And so are targeting Asian mobile users- mainly from India.

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security