Beware of SharkBoy malware as you may lose your money

SharkBot steals money from users' mobile phones running Google Android OS.

A new Android malware has been found attacking banking-related apps on your smartphones. Cybersecurity researchers have discovered a Trojan horse called "SharkBot," which steals money from a user's Android mobile phones.

The Android malware SharkBot has attacked users across Europe and the United States. It mainly focuses on stealing money via Android apps.

SharkBot malware attacks banking apps on Android

Cybersecurity researchers released a statement about SharkBot, saying

"The main goal of SharkBot is to initiate the transfer of funds from compromised devices via automatic transfer systems (ATS) technology that bypasses multi-factor authentication mechanisms."

ATS is an automatic transfer system, a new advanced attack method on Android. It enables attackers to automatically fill in fields in legal mobile banking apps and transfer money from the phone.

The team says, mechanisms are used to implement identity verification and authentication.

SharkBot malware has a low detection rate by antivirus solutions where many anti-analysis techniques are implemented.

Once the attackers successfully install SharkBot on the victim's device, they can get all the sensitive bread details via abuse of access services. They get details like credentials, personal information, current balance, and more.

SharkBot is a new generation of malware for mobile devices, as it can carry out ATS attacks in devices. Already, this technology appears in other banking Trojans such as Gustuff.

Attackers install the malicious app on devices using sideload technology and social engineering blueprints.

Earlier in October, cybersecurity researchers from Cleafy and ThreatFabric discovered malware after one of the domains used for its command and control servers. Malware has been distributed since that time. SharkBot is said to be private robots and is still in the initial stage of development.

So, beware of these banking apps on your Android phone.