New Android Malware Drains Bank Accounts and Wipes Devices — How to Protect Yourself

Have you ever worried about hackers draining your bank accounts? Imagine the situation getting even worse: a new Android malware not only steals your money but also wipes your phone clean afterward.

According to BleepingComputer, security experts at the online fraud management company Cleafy identified this new threat, called “BingoMod,” in May of this year. Like other harmful malware, BingoMod targets your financial accounts to steal your hard-earned cash. What sets it apart is its ability to perform on-device fraud (ODF), enabling hackers to bypass anti-fraud systems with ease.

If you own a top Android phone and want to avoid losing both your money and your data, here’s what you need to know about this new malware strain and the signs to watch for to stay protected.

How the “BingoMod” Works:

The Android malware tricks users into installing apps that seem safe. Once installed, the app quietly starts stealing money from the victim’s bank accounts. This theft is usually unnoticed until it’s too late, resulting in significant financial loss.

Besides emptying bank accounts, the malware also wipes all data from the infected phone. This destructive action not only causes financial damage but also disrupts the victim’s personal and professional life by erasing important files and information.

Disabling Security Measures and Erasing Data:

If that wasn’t alarming enough, BingoMod can also uninstall the top Android antivirus apps from an infected smartphone and block specific apps as directed by the hackers controlling the malware.

To avoid detection, BingoMod’s creators have used code-flattening and string obfuscation techniques. Even the well-known malware analysis service VirusTotal couldn’t identify this new Android malware.

For completely wiping an infected phone, if the malware is set up as a device admin app, a hacker can remotely command the phone to wipe its system. However, Cleafy’s researchers mention that this is usually done only after a successful data transfer and primarily affects the phone’s external storage.

Nonetheless, a full wipe is possible if the hacker uses this capability to erase all data on the device and then resets the phone via system settings.

 

Tips for Protecting Yourself from This Android Malware:

  •  Be Wary of Unknown Messages: BingoMod is currently in its early development stages and mainly targets Android phones of English, Romanian, and Italian-speaking users. To stay safe, avoid interacting with unsolicited messages from unknown senders. Don’t click on any links or respond to suspicious texts, as they could be part of a malware campaign.
  •  Rely on Google Play Protect: Google’s built-in antivirus app, Google Play Protect, provides automatic protection against known versions of malware. It’s enabled by default on Android devices with Google Play Services and can warn users or block apps that exhibit malicious behavior, even if these apps come from sources outside of Google Play.
  •  Install Reputable Antivirus Software: Using trusted antivirus software adds an extra layer of security to your device. These apps can help detect and prevent malware from infecting your smartphone.
  •  Avoid Suspicious Downloads: Be cautious when downloading apps. Only install applications from verified and reputable sources like the Google Play Store. Avoid downloading apps from unknown or untrusted websites.
  •  Regularly Update Your Device: Keep your mobile operating system and apps up to date. Developers frequently release updates that include security patches to protect against new threats.
  •  Exercise Caution with Unknown Links: Stay vigilant when interacting with links, especially from unknown sources. Avoid clicking on links in emails, messages, or social media from people you do not know.
  •  Stay Informed: Keep yourself informed about the latest cybersecurity threats and best practices. Awareness is a crucial part of preventing malware infections.

By following these tips, you can significantly reduce the risk of falling victim to Android malware like BingoMod. Stay cautious and proactive to protect your device and personal data from malicious threats.

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