Do Not Panic! – K7 Computing demystifies the ‘Android Banking Trojan’

K7 Threat Control Lab has provided a threat advisory on the recently reported ‘Android Banking Trojan’, which incidentally is not as recent as it is presumed to be. A storm in a tea cup indeed.

The ‘Android Banking Trojan’ also referred as Bankbots, targeting banking applications is nothing new.  It has been seen in the mobile malware world for quite some time now.

K7 Threat Control Lab has also emphasized that none of the banking apps that have been named are compromised, nor are they at some super high risk. However it is strongly advised that users ensure that a robust and up-to-date security software is installed on their phone before they use any banking app.

Analyzing this banking Trojan reveals that it still avails of the usual social engineering technique of masquerading itself as a Flash Player app to trick the user into downloading and installing it. As expected this malware is only available on third party markets of low reputation.