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German Authorities Warn of Nasty New Online Banking Malware

I’ve got to admit it. I love online banking. The days of writing paper checks and licking stamps seems to be far behind us and it’s a good bet that a whole lot of consumers don’t miss those days!

As is often the case, with the good comes some bad. Cyber criminals seem to be keeping pace quite successfully with online developments and always seem to be on the cutting edge when it comes to stealing people’s money.

Authorities in Germany have recently warned consumers about a particularly nasty bit of malware that may trick online banking customers into thinking that a deposit has been added to their account my accident.

This malware sits quietly on the victim’s PC (this is being reported as malware that runs on Windows) until the victim logs into his or her online banking account. At this point the malware wakes up and starts to do its dirty work.

It informs the victim that the bank has accidently deposited some amount of money in their account and that they need to return the money. The malware is so cleverly-written, that it actually modifies the amount of the victim’s account balance as it is displayed by the victim’s internet browser, making it even more convincing.

If the victim falls for it and follows the instructions provided to return the allegedly mistaken deposit, the money they “return” actually gets deposited into the account of the criminals that created the malware.

Consumers are advised to be very wary of any unusual activity when they log into their online banking accounts. Any strange activity should be met with suspicion and the best idea is to contact the bank directly and ask about anything that does not seem normal about an online banking session.

You can read more about this on Krebs on Security.

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