Sales League Table 2020 | Banking Technology Winners

Results Announced!

IBS Intelligence launches BankTech Daily News

Subscribe today. Limited time offer.

The Black Swan Opportunity | Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

India FinTech Report 2020

Insights into the historical and projected market size of key FinTech categories. Subscribe now

FlokiBot the latest malware to hit PoS terminals

FlokiBot is the latest threat looming over the world of financial services, a malicious software that can compromise the security and PoS machines..

The Indian Computer Emergency Response Team (CERT-In) flagged this issue in February, stating that the Trojan can steal credentials as soon as  customers swipe cards on PoS terminals.

This news follow last week’s attacks by ransomware virus WannaCry, affecting many companies and computers all over the world.

FlokiBot has already affected devices in Brazil, as well as Paraguay, Australia, US and Argentina. The malware, according to CERT-In, is believed to be the modified version of Zeus malware with enhanced capabilities of infecting Point of Sale (PoS) devices/terminals targeting banking/financial information.”

Advice was issued by CRT (Computer Response Team) to merchants and organisations to review all PoS system logs for any unexplained and strange activity, and add anti-malware engines. Moreover, the experts have further recommended that for preventing the cyberattacks, key financial as well as infrastructure systems must get regularly updated.

Only in India, banks have seen around a million PoS terminals being installed throughout the country since November last year, amounting to a total number of 25.28 million, according to the Indian Express.

Wanted Trojans

Malware has been causing chaos so far in 2017:

Trickbot – using redirection attacks on financial institutions with little record of attempted breaches.

BankBot – infiltrated the Google Play Store, and from there spread to banking apps.

Gootkit – targeting the UK, it was spotted attempting advanced attacks to prominent financial institutions to steal bank and identity details.

GozNym –  found last year redirecting the users of four major US banks to websites used to hack their accounts

Dridex – modified with a new feature enabling it to disable defensive measures on Windows machines.

Related IBS Intelligence Research

Related Posts

People’s United Bank partners with FIS & MineralTree to bolster Treasury Management

People’s United Bank, a subsidiary of People’s United Financial, has expanded its Treasury Management Payment offering in partnership with FIS and MineralTree to bring to market two AP Automation solutions that will replace traditional paper-based processes with simple, secure digital capabilities for Commercial Banking clients. The new enhancements are part of People’s United’s strategy to […]

This post is only available to members.

Read More »
Credorax, bank, payments

Credorax partners with Feedzai for Anti-Money Laundering

Credorax, a licensed bank and smart payments provider, and San Mateo-based risk management platform Feedzai, announced a new partnership to provide Credorax merchants with anti-money laundering (AML) and anti-fraud capabilities. The collaboration is expected to increase payment security, reduce operational costs and improve customer experience. “Credorax has a long-standing relationship with Feedzai and we are excited […]

This post is only available to members.

Read More »

Currencycloud to process cross-border payments on RippleNet

Payments provider Currencycloud has partnered with Ripple, announcing it will process cross-border payments on global financial payments network RippleNet. With the partnership, Currencycloud, which delivers embedded B2B cross-border payments for a number of banks and FinTechs, will focus on new territories currently under-represented for small and medium-sized enterprises. This, it said, is in order to […]

This post is only available to members.

Read More »
Techemy, Auckland, DeFi , Finance

Techemy Capital launches DeFi strategies for investors

Techemy Capital (TCAP), a regulated financial services provider and funds management company, announced the launch of DeFi-based investable products to help investors tap into the open finance ecosystem. Run by programmable algorithmic code, DeFi removes middlemen and connects principals directly, thereby reducing capital inefficiency to enable higher yields. Hosted on the TokenSets platform, Techemy’s new […]

This post is only available to members.

Read More »