New Trojan Trumps Two-Factor Authentication

The newly discovered Trojan, Eurograbber, is making news for
more than just being a Trojan that attacks mobile
. Cyber thieves have created this Trojan in a way that first
attacks a victims PC and then moves into their mobile phone when the user
enters the one-time passcode generated for two-factor authentication. As Darrell
Burkey discussed in an interview, the most concerning thing about this Trojan
is the way it was engineered. It was created specifically to attack a certain
type of authentication that many banking institutions are now using. This type
of mal-technology could attack any type of institution and cause a threat to standard
authentication measures. Over $47 million US dollars worth of Euros have
already been stolen from this lone Trojan. And just because this threat was
created in Europe, does not mean it is contained to only attacking users over
seas. The attacks originated in Italy and then quickly spread through out
neighboring countries, targeting Android and Blackberry deceives.

Banks and other institutions, which do not use two-factor
authentication, should still heed this warning. Perhaps the most frightening
thing about this new development is not just the attacks themselves, but the
overlaying concept clearly illustrating that cyber thieves are adapting. Standard
and traditional authentication measures will no longer be enough to protect
against identity theft. Companies must learn to fight fire with fire and adopt fraud prevention
that cant be outsmarted by cyber thieves and identity thieves.
Just as companies have adjusted in the past, it is time that businesses rethink
their fraud prevention strategy. Fraud prevention is not a one-size-fits-all solution and requires revising and reconstruction. Companies that have not
rethought their fraud prevention in the last few years, even months, may need
to find a new identity
authentication solutions
as technology advances. The key is to be three
steps ahead of your competition and cyber thieves to prevent and protect
against identity theft.

[Contributed by EVS Marketing]

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