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NEWS
New form of virulent bank malware attacks the US and UK
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ew malware has been found attacking banks in North America and the UK. Called IcedID it appears to be brand new and in its first stages of development.
However, despite being very new, IcedID comes loaded with many of the advanced features that older and just as complex banking Trojans have used for years.
IcedID steals a user’s financial data using both redirection attacks ( by installing a local proxy to redirect users to clone sites) and web injection attacks ( which inject browser processes to show fake content overlaid on top of the original page).
In the past, only Dridex — one of the most advanced banking trojans — was able to simultaneously use both types of attacks, as criminals usually pick one of the two and focus on refining their techniques.
According to IBM the criminal group behind the trojan is using the botnet infrastructure of the Emotet trojan to deliver IcedID to already infected computers.
The new malware has been using Emotet’s geotargeting capabilities to deliver the trojan to victims only in some regions up until today, but it has spread to the UK now.
Craig Stewart, VP EMEA, Venafi said: “IcedID spreading throughout the networks of banks, payment providers and e-commerce sites
across the US and is yet another way for hackers to get people running or connecting to malicious websites so they can commit fraud. Worse still, it’s already spreading, with researchers reporting that two UK banks have also been impacted so far.
Apple’s advance into the world of payments has been delayed, if ever so slightly. The ApplePay feature that allows users to transfer money via text message, and which was to be introduced with the iOS 11, has been pushed back. It will available on the Apple Watch too.
He continued: “Companies have a responsibility to protect customers against this sort of attack yet without visibility over the machine identities that control their websites, servers and other machines they have no way of knowing which machines have already been infected. It’s this uncertainty which allows malware like IcedID to continue its attack so easily. IcedID imitates previous Trojans like Dridex because this approach works.
“These attacks will continue to occur unless banks and other organisations put in place proper defences around their machine identities and the first step is to simply get a handle on what they’ve got. Until banks have full control of all the certificates on every device, operating systems and applications in place, they won’t be secure. Having this oversight in place is a major step in ensuring malware like IcedID is unable to move between endpoints, as organisations will have the visibility and tools to protect keys and certificates from attackers.”
Federal Bank selects Intellect Design Arena to drive digital transformation
I
ndia-based Federal Bank has selected Intellect Design Arena and its Digital Transaction Banking (DTB) system, part of the vendor’s iGTB
offering.However, despite being very new, IcedID comes loaded with many of the advanced features that older and just as complex banking Trojans have used for years.
According to Intellect, the system will be powered by “an integrated front-end omni-channel Corporate Banking eXchange (CBX) portal” with backend processors. DTB will also augment the front end of Federal Bank’s existing trade finance portal.
“This deal underlines our commitment to digital innovation as a way of adding value for our clients, and will help unlock the huge potential in the Indian transaction banking market,” said Shalini Warrier, COO of Federal Bank.
“Though it is a system level value-add, there will be plenty of downstream benefits for our clientele in the form of quicker and better, specialised services. Our motto is “Digital at the Fore, Human at the Core” and this implementation echoes that message – a full digital refresh, with the final aim of making life as easy as possible for our clients, from SMEs to large corporates.”
K Srinivasan, president and head of growth markets at Intellect Design Arena, added: “We are delighted to be the chosen partner for Federal Bank, who is at the forefront of technology-driven banking transformation in India.
“This deal is a real vindication of our expertise, track-record and strength in the market. The DTB solution is specifically designed to help a transaction banking franchise grow.
www.ibsintelligence.com | © IBS Intelligence 2017
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