Germany's financial supervision warns of Godfather malware attacks on crypto apps-security

The supervisory authority for the financial sector in Germany has issued a warning of the malware "Godfather" that attacks banking and crypto applications. Hundreds of these platforms have been attacked, the regulatory authority stated, including those that are operated in the Federal Republic.

Financial authorities advise Germans how they can protect their mobile apps from malware

The Federal Institute for Financial Service Supervision ( Bafin ) warned consumers from threats by a malignant software called "Godfather". The Trojan often imitates a legitimate app and records user input when it accesses Fiat and crypto accounts.

In a message published on Monday, the Watchdog pointed out that Godfather has already attacked around 400 banking and cryptocurrency apps, including those developed by financial institutions working in Germany.

It is still unclear how exactly the malware is loaded onto the target devices, but it usually starts as a fake interface of a regular bank or crypto application to collect registration information and to transmit it to cybercriminals, explained the Bafin.

The malware also sends push notifications to obtain codes that were generated for two-factor authentication purposes. The data acquired enable hackers to gain access to customer accounts and digital wallets, according to the detailed press release.

The Federal Office for Information Technology (BSI) has published in November A video in Land gives practical tips for the safe use of your mobile apps.

Godfather was developed to infect and control Android-based devices to download and install other malignant software. You can also send messages, including spam, and to carry out Denial-of-Service ( ddos ​​)

The all-time highs of 2021 provoked an increase in the attempts to steal coins, including hackers fake apps to empty items. According to the recently published blockchain security data, there are crypto incidents with hacks, code exploits and exit fraud achieved a record low for 2022 last month.

The negative market developments also created the industry. After the collapse of large players such as the crypto exchange FTX in mid-December, the Bafin issued a reminder global regulations Protection of consumers in space.

Do you expect attacks by malware like Godfather in the future? Share your thoughts on this topic in the comment area below.

lubomir Taskensev

lubomir Taskensev is a journalist from the technically experienced Eastern Europe, to the Hitchen's quote: "To be a writer is what I am and not what I do." In addition to crypto, blockchain and fintech, international politics and business are two other sources of inspiration.

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