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New Malware Steals US$4 Million from US and Canadian Banks

According to IBM’s X-Force research team, a new breed of malicious software has stolen approximately US$4 million from 24 US and Canadian banks during the month of April.

IBM believes the malware originated with a criminal organization in Eastern Europe, where a group known to have developed a Trojan horse program called Nymain is believed to have obtained widely leaked malware code known as Gozi ISFB and integrated it into their own malware. In its hybrid form, the Nymain Trojan executes first as a means to breach systems, then launches Gozi ISFB to complete the financial fraud. The software infects devices when people it targets either click a link or open an email attachment. It remains inactive until users log into their bank accounts, when it is able to access and steal information.

So far the malware has targeted 22 banks in the U.S. and two in Canada thus far. More than half of the attacks have targeted business banking and credit unions, though 17% of GozNym’s victims are in retail banking.

News Characteristics

Date : Apr 18, 2016
Region : North America
Industry : Banks
Function : Risk Management
Sub-Function : Cyber Risk