Page 72 - Cyber Defense eMagazine July 2024

How To Respond to The Rise of Banking Trojans

By Zac Amos, Features Editor, ReHack

The resurgence of banking trojans has become a major cybersecurity concern for financial institutions
and their customers. These malicious backdoor programs continue to evolve and succeed due to their
ability to evade detection and bypass traditional device security. As these attacks become more
sophisticated, the need for robust protection mechanisms and agile response systems is more paramount
than ever.

What Are Banking Trojans?

Banking trojans are a type of malware disguised as legitimate software and used by cybercriminals to
attack online banking systems. They get their name from the infamous wooden horse used by the Greeks
to infiltrate Troy and sack the city during the Trojan War.

These programs are particularly insidious due to their ability to initiate malicious activities undetected,
having tricked the user into downloading them and granting the necessary operational permissions. By
the time the victim discovers the attack, they’ve already lost huge sums of money.

Banking Trojans on the Rise

Banking trojans have existed since the dawn of online banking, steadily evolving over the years and
increasing in functionality. In 2020, the FBI warned about the potential rise of app-based trojan intrusions
following a 50% surge in mobile banking amid the COVID-19 pandemic.

Cyber Defense eMagazine – July 2024 Edition 72
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