Beware! Banks Warn Customers About Malicious Apps Disguised as Reward Tools In Digital Banking; Check Details

Beware! Banks Warn Customers About Malicious Apps Disguised as Reward Tools In Digital Banking; Check Details

Cybercriminals use sophisticated techniques such as phishing, malware, and identity theft to gain unauthorised access to accounts.

Oliviya KunjumonUpdated: Tuesday, May 21, 2024, 08:18 PM IST
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Beware! Govt Issues Advisory Over Fast Spreading 'USB Charger Scam'; Check Details | Freepik

In the realm of finance and the speed of digitalisation, where banking has become so easy with only one touch, popularly digital banking, without the traditional queues and waiting times, now offers convenience and efficiency, allowing customers to manage their finances online through computers and mobile devices. So, do this convenience has also attracted fraudsters to deceive unsuspecting users.

Cybercriminals use sophisticated techniques such as phishing, malware, and identity theft to gain unauthorised access to accounts.

Banks continuously enhance their security measures, including multi-factor authentication and real-time fraud detection systems, to combat these threats.

Recently, the State Bank of India (SBI) warned customers about a scam where fraudsters distribute malicious APKs disguised as tools to redeem SBI reward points. Similarly, many other banks such as ICICI Bank, Axis Bank, Punjab Bank have has issued awareness and alert about APK files scams and other scams.

So, what is this APK files?

An APK, or Android Application Package, is the file format used by the Android operating system to distribute and install mobile apps. While the Google Play Store is the primary source for downloading these apps, users can also install APKs from other sources. This flexibility, however, makes it easier for hackers to trick users into installing malicious software.

How these APK scams work?

This scams involve hackers tricking people into downloading and installing harmful apps onto their devices ad use a sneaky tactics like promising rewards or prizes to convince users to install the malicious APKs.

Moreover, these apps often ask for lots of permissions, like access to your camera or contacts, and they are usually very small in size.

Once installed, the hackers can take control of the device without the other person knowing it. One can spot these scams by being cautious of apps that ask for too many permissions, being wary of unusually small file sizes, and paying attention to any antivirus alerts.

Bank Warnings on different scams

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