Despite the robust anti-fraud measures implemented by these major financial institutions, cybersecurity experts are warning that affected individuals face a "definite" risk of financial loss. This discovery follows recent cyberattacks targeting Australian superannuation funds, where stolen passwords were used in attempts to access pensioners' accounts. The Australian cybersecurity firm Dvuln, which unearthed this extensive breach, has determined that these passwords were not obtained through vulnerabilities in the banks' systems. Instead, they were directly pilfered from users' own devices that had been infected with insidious "infostealer" malware. So, "This is not a vulnerability in the banks. These are customer devices that have been infected." Infostealer malware is a particularly dangerous form of malicious software designed to infiltrate devices, silently harvest a wide range of sensitive data – including passwords, credit card details, cryptocurrency wallet information, local files, and browser data like cookies and autofill information – and transmit it directly to cybercriminals. With Infostealer, the threat extends far beyond just banking credentials, noting that the average infostealer victim has hundreds of other account details stored in their browser, including PayPal and e-commerce accounts with linked credit cards. Figures suggest around 58,000 infected devices in Australia alone with something in the order of 31 million devices worldwide. The biggest risks are in Windows devices around 90% although mobile device numbers are on the increase.
If you suspect a problem, get onto your bank and alert scamwatch. Ep325 Image created by AI
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