What are Banking Trojans?
                     What are Banking 
Trojans?
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Hackers design sophisticated malware like banking trojans to steal users’ data, 
highlighting the need for awareness of effective countermeasures. A banking trojan 
is malicious software created for nefarious purposes, especially to steal confidential 
financial information. After gathering sensitive information, cyber criminals exploit it 
for monetary gain, often by selling it on the dark web. Banking trojans can have a 
devastating impact on individuals and organisations, leading to financial and 
reputational loss. To stay protected from these threats, you can employ robust cyber 
security measures, such as up-to-date antivirus software, regular system updates, 
and user education to recognise and avoid phishing attempts.
Banking trojans are among the most insidious online threats, jeopardising individual 
and organisational security. The year 2023 witnessed a substantial rise in banking 
trojan attacks. The global pandemic and resulting quarantine transitioned people 
towards online technology for daily tasks, which created a breeding ground for 
attackers. FBI warned that banking token attacks are among the top targets for 
attackers looking to exploit the situation.
So, let’s understand the banking trojan and its different types in detail.
What are Banking Trojans?
Banking trojans are malicious 
software developed to infiltrate 
banking systems and steal 
confidential information. The 
software targets the very core of 
our financial structure by creating a 
covert backdoor, allowing outside 
parties to gain access. They can 
also employ other deceptive 
techniques, such as spoofing, to 
mimic the bank client’s credentials.
How Do Banking Trojans Work?
Banking trojans use a range of deceptive tactics to infiltrate computer systems and 
extract sensitive information. For example, banking trojans can be embedded in 
phishing emails or downloaded as a part of pirated or fake copies of legitimate 
software. Once nestled within the host system, the trojan employs a suite of 
techniques to collect critical banking credentials and other sensitive data. These 
techniques include:
 Extracting the cached credentials from the system and web browsers.
 Stealthily monitoring the keystrokes when users type.
 Searching the file system for stored passwords.
Sometimes, banking trojans also utilise a keylogger to intercept login details when a 
user navigates to other targeted sites. By operating in this manner, banking 
trojans amass valuable users’ information without their knowledge, exposing 
them to significant financial and identity theft risks.
Different Types of Banking Trojans
Banking trojans are diverse and exhibit a range of tactics to compromise mobile and 
desktop security. Here are some prevalent categories:
Keylogger Trojans
Keyloggers are a trojan type that clandestinely records users’ keystrokes on their devices. 
These keystrokes include usernames, passwords, PINs, and other credentials. They operate 
in the background, silently recording every keystroke and transmitting the collected data to 
the malicious actors.
Screen Scraper Trojans
Malicious actors design screen scraper trojans to capture screen content, including 
critical data, such as account details and transactions, and transfer them. Due to 
their ability to intercept account details, transactions, and even OTPs, they pose a 
threat to mobile apps.
Overlay Trojans
Overlay trojans are well-known for their ability to fabricate counterfeit login screens 
that superimpose legitimate apps, including mobile apps. When unsuspected users 
submit their information, they unwittingly provide it to threat actors. They are 
proficient in mimicking the interface and can be challenging to detect, posing a 
heightened threat to security.
SMS Intercept Trojans
These categories of the trojans intercept messages sent to the user’s device, 
including one-time passwords and authentication codes. By catching this crucial 
information, attackers bypass two-factor authentication and gain access to sensitive 
information.
Remote Access Trojans (RATs)
RATs grant attackers remote control over the infected device, empowering them to 
execute harmful actions. Attackers use this device for multiple malicious actions, 
such as executing illicit transactions or exfiltrating sensitive data.
Man-in-the Browser(MitB) Trojans
MitB trojans are used to infect web browsers and manipulate transactions. They trick 
users by altering the content displayed in the browser, creating a blurry line between 
reality and illusion, and engaging them in fraudulent activities.
Evolutionary Trojans
Banking trojans are continually evolving to evade detection and augment their 
capabilities. They may also incorporate advanced obfuscation techniques, anti-
analysis methods, and even legitimate detection to expand reach.
Proxy Trojans
Proxy trojans are designed to reroute device traffic through a proxy controller. This 
redirection facilitates the interception and exchange of data between a user’s device 
and the banking system, potentially altering the transactions or stealing sensitive 
information.
SMS Spamming Trojans
SMS spamming trojans flood the user’s device with spam data, creating a 
smokescreen of confusion and illusion. They trick users by sending fake messages, 
resulting in monetary and informational loss.
Camouflage Trojans
The deceptive software masquerades as legitimate, often mimicking popular banking 
apps. Deceptive icons and name users give a sense of security, prompting them to 
download these trojan imposters.
Conclusion
Banking trojans are the most insidious threats in the growing cyber landscape. 
Understanding the risk of trojans and appropriate countermeasures is crucial to 
bolster your security and safeguard your financial information. The best way to 
protect yourself from banking trojans is to defend all surfaces equally. Banking 
trojans require a multilayered approach, encompassing all security factors. 
Additionally, you can safeguard yourself by deploying anti-malware software, 
extended detection and response, and email protection techniques.
Stay connected with Cyber News Live to learn more about new cyber threats and 
methods to mitigate the risks. For more information on banking trojans see What is 
a Banking Trojan by Check Point Software.
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