What Is Banker Trojan?

Trojan horses are pretty old school, but that's not to say they're not still effective. The ones equipped with banking Trojans are some of the most dangerous around—ask your bank! A banker Trojan is a piece of malware intended to get financial information or hack users through a banking or economic system, commonly through an online banking or brokerage interface. It's designed to trick users into giving up sensitive information such as login credentials and credit card numbers by pretending to be something else. These Trojans often come in email attachments and can be tricky for even experienced users to spot. A recent study found that nearly half of all Americans have been victims of a phishing attack at some point in their lives, with about one in five falling for it at least once per year (and even more every couple of years). The world of banking has changed. The days of looking over your shoulder as you check your balance are gone. Now, you can whip out your phone and review your bank account on the go! (Or at least that's what the banks want you to think. ) But there's more to this new world than meets the eye—it's not all sunshine and roses. The rise of mobile banking has also brought about an increase in banker Trojans, which are malicious pieces of software designed specifically to compromise bank accounts. These Trojans can work in different ways: seeding added code into bank websites, intercepting passwords or information through keyloggers, or even sending phishing emails pretending to be from your bank so that you'll give up sensitive information. Top security authorities have analyzed these types of malware. Banks and financial institutions are fighting back by taking steps such as using two-factor authentication (2FA), which requires users to verify their identity using something other than just a password—like an SMS text message sent to their phone number or another form of biometric authentication (like facial recognition).