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The SBI fake banking app shows that SMS authentication has had its day

A cyber scam targeting the State Bank of India (SBI), one of the world’s largest banks with 500 million customers, utilises an SMS or WhatsApp message asking recipients to download a malicious app that spoofs the SBI login to collect customer details and bank account information. The app employs anti-forensics to foil investigation. The article authors note the ease with which apps can be downloaded on Android devices, and argue SMS as a second-factor authentication is easily compromised.

Source: www.helpnetsecurity.com –

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