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European banking customers swindled for millions, report says

Millions of euros were swindled from Eastern European citizens thanks to malware infilitrating their online banking accounts, according to a report.

Millions of euros were swindled from Eastern European citizens thanks to malware infilitrating their online banking accounts, according to a report.

Thanks to some malfeasant malware, banking customers throughout Europe were bilked by hackers to the tune of millions, according to a report earlier today from ZDNet.

The news source cites a paper released by software firm Check Point, which suggests that these rapscallions managed to use a trojan called "Eurograbber" to exploit mobile phone vulnerabilities throughout Eastern Europe. The result was a total loss of about 36 million euros, or $47 million.

Basically, users are targeted with a phishing email and, once they fall victim to that attack, the trojan is downloaded onto their devices. From there, a series of events transpire that all seem legitimate as individuals log into their banking accounts online and, step by step, the hacking hooligans start plucking away at the accounts of their prey.

The crux of the scam seems to be that the trojan allows information sent between users and their banking institutions to be intercepted, meaning that the banks won't even have evidence of the activity on their customers' Web statements and the problem isn't uncovered until it is too late, ZDNet reports.

"The Eurograbber trojan, although targeted at Android and BlackBerry smartphones, has also been found to include variants designed for Windows models," the article said. "According to the research firm, both corporate and private banking users have been affected."

With the ever-increasing popularity of mobile computing, there is no way for financial institutions to stop customers from accessing accounts via smartphones and tablets. However, there are steps that they can take to secure their end and monitor for illegal cyber activity.

Managed IT support that offers around-the-clock protection is your best bet when it comes to safeguarding your company and customers, because hackers aren't suddenly going to grow a conscience and stop looking to exploit any vulnerabilities they can find.