SBI, ICICI, Yes, BoB, IOB, Citi bank customers' account, credit card details may be at risk!

Account and credit card details of thousands of customers of seven banks may be at risk, if a report by an IT security firm is to be believed. Fake apps of State Bank of India, ICICI Bank, Axis Bank, Bank of Baroda (BoB), Yes Bank, Indian Overseas Bank (IOB) and Citi Bank are available on Google Play and they have stolen data of thousands of bank customers, said a report by IT security firm Sophos Labs. The report said that these fake android apps have logo of respective banks, which make it difficult for customers to differentiate between the fake and original apps. Deceptive malware in these apps may have stolen thousands of customers' account and credit card details. 

However, PTI reported that some of the banks mentioned in the report have said they havn't come across any such fake apps. Some banks have started inquiry and also informed the CERT-In -- the national nodal agency for responding to computer security incident.

Target banks

According to the report, the fake apps have targeted seven banks - SBI, ICICI, Axis, Indian Overseas, BoB, Yes Bank and Citi Bank. 

A Citi India spokesperson told PTI that the is not affected by these fake apps mentioned in the report. The bank has also written to the Sophos Labs to remove the Citi's name from the report. Yes Bank said it has informed the bank's cyber fraud department about the matter. State Bank of India hasn't responded yet. 

Modus Operandi

The fake apps lured victims to download and use them, either by masquerading as Internet apps or e-wallets. They promised customers rewards, including cash back on purchases, free mobile data or interest free loans. Some of the fake apps also claimed to be providing a too-good-to-be-true service, enabling users to withdraw cash from an ATM and have it delivered to their doorstep, said the report.
 
"Deceptive malware may have stolen thousands of Indian sub-continent bank customers account data or credit card numbers," Pankaj Kohli, threat researcher, SophosLabs, said in the report. It further said that fake apps are not new to Android and this sort of malware will continue to find its way into the android app store.

"Some are blatant copies of real apps, while a few are much more dangerous as they seed malware and steal data from user accounts. Users should always use antivirus software, which provides malware protection and internet security to keep users protected and stop these fake apps from stealing data," said the report.