Page 74 - Cyber Defense eMagazine July 2024

2. Avoid Using Public WiFi for Banking Transactions

Wireless networks freely provided in public spaces like hotels and coffee shops may present an entry
point for malware intrusion. Hackers piggybacking the connection can execute man-in-the-middle attacks
to intercept online financial transactions.

Unfortunately, up to 20% of Americans continue to use public WiFi for their banking-related activities,
exposing themselves to higher risks of attacks. A workaround is to use a VPN when connecting to these
networks, as these systems encrypt data and protect sensitive information.

3. Employ Strong, Unique Passwords

Passwords are like the final piece to the cyberthreat puzzle. Once breached, hackers can initiate various
forms of malware attacks on a user’s online account. Best practices recommend changing passwords
every three months, ensuring they are complex enough to limit the efforts of threat actors. The rule of
thumb is to create passwords containing over 16 characters with a combination of letters and numbers.

4. Use Multifactor (MFA) Authentication

MFA provides an extra security layer against malware threats by requiring additional forms of verification.
This can prevent unauthorized access even if login credentials are compromised. However, this measure
may soon become ineffective, as more sophisticated threats like the Chameleon banking trojan can
disrupt biometric authentication operations, highlighting the need for a multifaceted approach to
cybersecurity.

5. Download Only Trusted Apps

Kaspersky's 2023 Financial Threats Report shows mobile banking malware has increased by 32%
compared to 2022. This underscores the need for users to install apps from trusted sources only — the
Apple App Store, Google Play or Amazon Appstore. Even so, many apps from these stores are not 100%
failsafe, but at least they undergo some form of security screening before being listed.

6. Be Cautious with Email Links

Avoid clicking links or downloading attachments from unknown emails to prevent phishing attacks. For
example, the Emotet trojan typically spreads through malicious email attachments disguised as invoices
or shipping notifications.

Don’t Fall Like the Trojans

Banking trojan intrusions have become more frequent and complex in recent years. The best way to
protect against this evolving threat is to maintain a robust security posture against all potential attack
surfaces. This means employing a mix of cybersecurity measures and best practices. Financial
institutions must step up their efforts to safeguard their systems by utilizing the latest advanced threat
monitoring and analysis tools.

Cyber Defense eMagazine – July 2024 Edition 74
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