Cybercriminals hit Facebook, again. This time, they are using a more sophisticated tool which Facebook users mostly resort to – mobile app. They have devised this Android Trojan app which is intended for online banking fraud to hit Facebook users. Cybercrooks have designed this iBanking Trojan app in order to bypass two-step verification process on Facebook.

How does iBanking Android Trojan app work?

A group of experts of RSA which is the security division of EMC has brought the news and warned of the this iBanking Android Trojan app. They reported that cyber frauds may use the source code of iBanking Android Trojan app in their attempt to collect banking information to swindle net banking users. Researchers cautioned that the app was found on an online forum and will pose a grave threat for mobile banking users. Once users install iBanking Android Trojan app on any Android phone, the app can capture outgoing and incoming text messages and is also capable of redirecting calls to certain phone numbers. The iBanking Android Trojan app is capable of stealing more than just the data we key in – it captures audio using the microphone of the device, steals contact details from the phone book and also logs from call history.

A group of researchers of ESET reputed security software discovered a similar variant of iBanking Trojan app called Qadars. Qadars is a computer banking Trojan which embeds bogus JavaScript code on Facebook pages. On accessing that Facebook page, the code creates a message which leads Facebook users to install the Android Trojan on the device to steal authentication code messages sent from banks to users’ phone.

These kinds of attacks are known as webinjects which are used in computer Trojan codes that are intended for displaying fake online forms of banking websites to collect sign-in credentials and other critical financial information.

Hence, do not download any app from any unknown source you face find at Facebook or any forum.