New Alert Issued Against Screen Reader Malware That Steals User’s Sensitive Data On Finance Apps

The worst thing that can happen to you in today’s day and age is having your sensitive data stolen online.

Experts are now issuing an alarm against a new screen reader malware that has the capability to extract a user’s sensitive data found on finance apps. It’s as daunting as it seems and the news was first unveiled by security experts at Promon.

The firm says it took part in its own series of investigations and that’s when it found some uberly disturbing vulnerabilities among some of the biggest apps out there today that are known to be linked to the finance world.

They are designed to provide users with convenience but who knew that they’d end up being infected to such an extent that up to 92% of a user’s data could get stolen at a single glance, thanks to the alarmingly dangerous malware.

The apps are commonly found on the Google Play Store and most users don’t even think twice before installing them as they’re uberly convenient to carry out things like online banking.

For those still wondering what exactly are screen readers, well, we’ve got some news for you. They’re designed to convert text into speech output. And therefore, this is one reason why they’re deemed to be great tools in terms of accessibility out there today.

Some people might be shocked to learn how such tools are today assisting those who are visually impaired and need assistance in terms of navigation and engagement across the app. But please note, they do require a great deal of access and that means saying hello to greater chances of risks related to misuse of apps.

Not only can this malware in question gain access to the user’s device, but it also extracts data from the finance app that is deemed to be sensitive in nature. And that means it can also bypass the 2FA feature that’s designed to evade such practices.

The thought that a day would come when screen readers would be a danger to the tech world is shocking but it’s here and people are expressing major concerns before it’s too late and you fall prey to the scams taking place at an alarming rate.

After carrying out a series of tests, Promon says it created a simulated version of the malicious screen reader that could not only read but also remove data from apps. A total of 100 platforms underwent tests and data could be removed from 85 of those 92 ones. Meanwhile, just 7 of those displayed the right defense strategies against it to attain access.

Experts claim that Android’s system already has plenty of loopholes out there that can be misused by threat actors and they exploit those further to enter the phone and gain access to sensitive details like account balance, PIN codes, and more. Did we mention how experts feel that most finance apps like the necessary precautions needed to remain guarded and ward off such vulnerabilities?

Hence, we hope the latest Android 14 can bring about more protective guards to limit such unforeseen events.

Read next: New Study Raises Alarm As Most People Admit To Using Dangerous VPN Services
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