Criminals Are Renting Tools to Steal Money From Your Banking Apps

Criminals are now renting ready-made hacking tools through the messaging app Telegram. One of these tools, called RedWing, targets Android phones and is designed specifically to steal money from banking apps. The scary part is that anyone can rent this tool, even people with no technical skills. They pay a monthly fee and get everything they need to commit bank fraud. Security researchers at Zimperium found this operation and warn it's a variant of another tool called Oblivion that costs $300 per month to rent.

If you use banking apps on an Android phone, you could be targeted. This malware can take over your phone, steal your banking usernames and passwords, and even capture those one-time security codes that banks send you by text message. Those codes are supposed to protect you, but this tool grabs them before you can use them. The criminals can then log into your bank account and transfer money out.

Here's what you should do right now to protect your money:

1. Never click links in text messages or emails claiming to be from your bank. Always open your banking app directly or type your bank's website address into your browser.
2. Only download apps from the official Google Play Store. Even then, check reviews carefully before installing anything.
3. Keep your Android phone updated with the latest security patches. Go to Settings, then System, then System Update to check.
4. Install a reputable mobile security app on your Android phone.
5. Check your bank accounts regularly for transactions you don't recognize. Set up alerts so your bank texts or emails you about every transaction. For long-term safety, make it a habit to review what apps have permission to access your phone's features. Go to Settings and then Privacy or Permissions to see what each app can do. Remove apps you don't use anymore. Be especially suspicious of any app that asks for unusual permissions, like a flashlight app that wants access to your contacts or messages. Banking security starts with being careful about what you install on your phone.