Russian computer security firm Kaspersky on Wednesday warned of mass cyberattacks targeting banking apps on Android smartphones with a malware called Cerberus.
The full source code for Cerberus recently became available in underground online forums, raising the likelihood of mass attacks, Kaspersky security expert Dmitry Galov said during the IT conference Kaspersky Next 2020.
The security firm has been tracking the developments since July.
Cerberus infections have risen especially in Europe since the malware’s source code was published after the developer failed to sell it, Galov said.
One version of the programme is reportedly able to outsmart two-factor authentication systems, which are usually said to be very safe, as they require additional information beyond username and password to enter an online account.
Kaspersky recommended Android users to only download applications from the official app stores and avoid “rooting” their device, which unlocks the operating system and disables certain security settings.
The Russian security experts also recommended regularly installing official updates on devices and to be generally skeptical of revealing personal data to applications, especially in the context of banking.