New Android Malware Can Drain Your PayPal Account

Are you among the millions of people who use an Android Device? Do you also use PayPal? If your answers to both questions is Yes, then there is something that you really need to know. It could be one of the many reasons why you need to pay attention to information security.

Hackers have found a new way to steal money from your PayPal accounts. They are using a few versions of an app that is known as “Optimization Battery.” They have embedded a Trojan that can take your hard earned cash in PayPal even if your account is protected by a two factor authentication.

ESET researchers discovered the latest threat. They have conducted an in-depth analysis of its code and they discovered that the threat is well engineered and must be considered as very dangerous. The Trojan inserted in the app will abuse PayPal’s “Accessibility” to replicate screen taps. By doing so, the malware can start a fresh PayPal transfer, put in the information of a certain account that is under the control of the hacker as the receiver, and type in the amount that will be transferred. All of this can take place in as short as five seconds, which is obviously not enough time for the real user to stop the transfer.

To make things worse, the unauthorized transfer is set to happen whenever the victim logs into his or her PayPal account. That means the victim will only have time to check his or her account and after a few seconds, he or she will see his money be transferred to someone else without his approval. It happens so fast that the user might even think that it is only a glitch. Some may even have to suffer more attacks before they find out that there is something wrong going on.

If there is any silver lining to this scenario, it is that the malicious version of the app, Optimization Battery, exists only 3^rd party vendor websites. It does not exist in Google Play Store. What is the best way to protect yourself? You can minimize your risk by limiting your app downloads from Google Play Store.

Also, if you are using an Android device and you are using PayPal as well, and you installed Optimization Batter, then you better keep a close eye on your PayPal account. The hackers might be stealing from you under your nose. Better yet, get in touch with an IT consultant.

Call SpartanTec, Inc. if you need to know more about information security. 

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