BaFin Warns of Godfather Malware Attacking Crypto and Banking Applications

BaFin warned of the dangers of malware. (photo: dw.com)

JAKARTA - Financial authorities in Germany, reported by Cointelegraph, have sounded the alarm amid the rapid spread of new financial malware affecting banking and cryptocurrency applications.

Germany's Federal Financial Supervisory Authority (BaFin) released an official statement on January 9, warning consumers about "Godfather," malware that collects user data in banking and crypto applications.

BaFin stressed that the new virus targeted around 400 banking and crypto apps, including those operating in Germany. The Godfather malware attacks users by displaying fake websites from regular banking and crypto apps, and stealing their login data.

According to BaFin, it has not been determined how the malware will attack the user's device. Malware has been known to send push notifications to obtain codes for two-factor authentication. “With this data, cybercriminals can gain access to consumer accounts and wallets,” said BaFin, quoted by Cointelegraph.

The first warnings on the Godfather appeared in December, with reports indicating that the malware was affecting Android devices, targeting users in 16 countries.

Cybersecurity experts from Group-IB reportedly initially encountered the Godfather trojan in 2021, but the malware has since undergone major code enhancements and enhancements and has seen a massive spike in activity over the last few months.

According to IB-Group cybersecurity experts, nearly 50% of all the apps targeted by the Godfather were banking apps, with the vast majority coming from the United States. Germany is also among the countries most affected, along with Turkey, Spain, and Canada.

The malware is also known to target 110 cryptocurrency exchange platforms and 94 cryptocurrency wallet applications.

Cryptojacking has emerged as one of the biggest types of attacks on crypto applications in recent years. According to forecasts from Kaspersky cybersecurity lab, 2023 will see more malware attacks as that year is likely to be marked by the “biggest impactful cyber epidemic”.