Germany’s Financial Watchdog Warns of ‘Godfather’ Malware Attacks on Crypto Apps

Germany’s Financial Watchdog Warns of ‘Godfather’ Malware Attacks on Crypto Apps

The agency overseeing the financial sector in Germany has issued a warning about the ‘Godfather’ malware attacking banking and crypto applications. Hundreds of these platforms have been targeted, the regulator noted, including those operating in the Bundesrepublik. Financial Authorities Advise Germans How to Protect Their Mobile Apps From Malware

The Federal Financial Supervisory Authority of Germany (Bafin) has warned consumers about the threats from a malicious software known as ‘Godfather.’ The Trojan often mimics a legitimate app and records user input when accessing fiat and crypto accounts.

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

It is yet unclear how precisely the malware loads onto the targeted devices but it usually launches as a fake interface of a regular banking or crypto application to collect login information and transmit it to cybercriminals, Bafin explained.

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

In November, Germany’s Federal Office for Information Security (BSI) published a video providing consumers in the country with practical tips on how to safely use their mobile apps.

Godfather is designed to infect and take control of Android-based devices in order to download and install other malicious software. It may also use them to send messages, including spam, and for conducting denial-of-service (DDoS) attacks.

The all-time highs of 2021 provoked an increase in attempts to steal coins, including hackers using fake apps to drain wallets. However, according to recently released blockchain security data, crypto incidents involving hacks, code exploits, and exit scams reached a record low for 2022 last month.

The negative market developments also took a toll on the industry. In the aftermath of the collapse of major players such as crypto exchange FTX, Bafin issued a call in mid-December for global regulations ensuring better protection for consumers in the space. Tags in this story accounts, android, applications, Apps, Attacks, banking apps, Crypto, crypto apps, Cryptocurrencies, Cryptocurrency, german, Germany, Godfather, Hacks, Malware, mobile apps, regulator, Trojan, Wallets, watchdog

Do you expect attacks through malware like Godfather to increase in the future? Share your thoughts on the subject in the comments section below. Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Lastpass Data Breach Frightens Users, Some Say Hack ‘May Be Worse Than They Are Letting on’ SECURITY | Dec 24, 2022 North Korean Lazarus Group Linked to New Cryptocurrency Hacking Scheme SECURITY | Dec 5, 2022

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleOrange Financial to Launch Innovative Yield Farming Treasury – Stablecoin Rewards for NFT Holders Next articleBitcoin, Ethereum Technical Analysis: BTC Above $18,000, ETH Hits 2-Month High Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament

A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design