Practical Fraud Prevention

Chapter 14. Common Malware Attacks

Every step you take, I’ll be watching you…

The Police¹

Malware, software designed to damage, illegally access, or control computers, networks, servers, and so on, has been a problem in banking for years. That’s not surprising, given the large potential payoff of an attack against a bank. Even five years ago malware was still probably one of the main challenges facing banking fraud prevention teams. In the past couple of years, though, fraudsters have prioritized other methods of attack, or combined malware with other forms of attack.

We’re still devoting a (shortish) chapter to malware for two reasons. First, there are fashions in fraud, just like in anything else, and chances are good that malware will be back, albeit probably in an altered form (fraudsters can’t afford to stand still). In fact, some time after this chapter was written and just before the book was sent to print, a report was published indicating that malware attacking mobile devices specifically is on the rise, so watch that space to see whether it develops into a longer-term trend. Second, even when malware is less prominent it isn’t gone; it’s just much less likely to be a problem in isolation. Instead, it works in conjunction with social engineering.

Types of Malware Attacks

There are many different types of malware. For example, with ransomware, which has been making international headlines lately, the attackers lock down and hold for ransom crucial company ...