It’s unfortunate that while emerging technologies can provide us with incredible benefits, there are individuals who seek to weaponize those advancements for malicious purposes. The latest threat to banking apps—particularly for Android™ users—is becoming more prevalent.
This new strain of Android malware, known as Godfather, goes beyond merely overlaying fake login screens. It disguises itself as a nearly perfect copy of legitimate banking apps. When users launch their app, they are redirected to this copycat app, where their login credentials and two-factor authentication codes are stolen. This gives cybercriminals everything they need to drain accounts.
Hundreds of financial institutions worldwide, including both large and community banks, have been affected by Godfather malware. No one is immune to the increasingly sophisticated tactics of hackers.
Like most malware, a device is exposed to Godfather when a user unknowingly installs it through fake updates, phishing links, or downloads from unofficial app stores, especially if the user grants permission. The Godfather “host” app scans the list of installed apps on the victim’s phone and downloads malicious versions of targeted banking applications, allowing it to monitor every tap and data entry.
Hackers gain full access to those accounts when the victim enters their credentials, often without them realizing what is happening. Godfather can also monitor keystrokes, intercept text messages, and disable antivirus software without any obvious signs or alerts to indicate that anything is amiss.
Let's shift our focus from doom and gloom. You’re not powerless against malware like Godfather or other threats. Here are several steps you can take to safeguard yourself and your accounts:
By following these steps, you can significantly enhance your security against malware threats.
Our client’s security is very important to us. If something doesn’t seem right, whether it’s a phone call, a text message, an email, or a transaction on a statement, trust those instincts. Please stop, think, and call Cathay Bank. Use the phone number on the back of your card to reach us directly or visit our official website for assistance.
In addition to contacting us, you may also report fraud on the following sites:
This article does not constitute legal, accounting or other professional advice. Although the information contained herein is intended to be accurate, Cathay Bank does not assume liability for loss or damage due to reliance on such information.
