SINGAPORE — At least $10 million has been lost from over 750 victims in the first half of this year due to unauthorised banking transactions performed by a malware scam which also resets the victims' phones.
The sellers would send them a Web link over messaging platforms to download and install an Android application, as well as grant the app certain permissions to access their phone.As payment was made, the victims' Internet banking credentials were stolen by the malware's key-logging function. These transactions would be discovered by the victims only after they had called their banks or reinstalled the banking apps on their phones.
Source: Financial Digest (financialdigest.net)
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