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The minutes of an April 1955 meeting of the Tech Model Railroad Club state that "Mr.
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When they log into your bank account, the bank sends an SMS verification code to their phone rather than yours. Once they have your number on their SIM card, they can circumvent SMS codes easily. This is achievable with a social security number, as we covered in our guide to why 2FA and SMS verification isn't 100% secure.
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If they're successful, the network provider strips your phone number from your SIM and installs it on the hacker's SIM instead. These details are then uploaded to the malware author. If this is done smoothly enough, the user won't notice the swap and will enter their details into the fake login page.
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When it detects the user launching a banking app, the malware quickly puts up a window that looks identical to the app you just booted up.
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When you install this app, the Trojan begins to scan your phone for banking apps. These aren't disguised as a bank's official app they're usually a completely unrelated app with a Trojan installed within. The sneakier version is the mobile banking Trojan. Replacing a Real Banking App With a Fake One
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Once you've downloaded the app, you enter your username and password into it, which is then sent to the hacker.
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A malware author creates a perfect replica of a bank's app and uploads it to third-party websites. The simpler means of attack is by spoofing an existing banking app. While convenient, this has become a key attack vector for malware authors. Usually, a bank will supply an official app from which you can log in and check your account. These days, you can manage all of your finances from your smartphone.
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