Master Bank clients are targets of a fake app that mines cryptocurrencies on their phones.

Source: PortaldoBitcoin Original Title: Master Bank Customers Are Targets of Fake App That Mines Cryptocurrencies on Mobile Devices Original Link: The liquidation of Master Bank prompted the Credit Guarantee Fund (FGC) to be activated to reimburse R$ 41 billion to 1.6 million clients of the financial institution. However, the process for investors to be paid involves the risk of having their phone invaded and used to mine cryptocurrencies without the user’s knowledge.

Master Bank customers are now required to download an FGC app to register and specify a new bank account, in the same name, where the funds will be transferred. The scam occurs at the moment of downloading the app, with criminals creating a version that closely resembles the official one.

When the customer downloads the fake app, their phone becomes infected with a virus that will steal financial information from the device and use it for other activities.

According to a report by Folha de S. Paulo, the virus was identified by Kaspersky and is called BeatBanker. It is a banking Trojan capable of stealing passwords, capturing financial data, remotely controlling the device, and even using the phone’s processor for clandestine cryptocurrency mining.

This virus allows criminals full access to the phone, including the ability to perform financial transactions in the victim’s name.

Security experts recommend only installing apps from official sources and verifying official channels before clicking any links.

The FGC guarantees payment to clients of financial institutions covered by the fund and makes payments of up to R$ 250,000 per CPF or CNPJ for eligible deposits.

Case of Master Bank

The case of Master Bank involves a comprehensive investigation into the institution and its controller, Daniel Vorcaro, following suspicions of financial irregularities that led the Central Bank to decree its extrajudicial liquidation. The bank grew rapidly by offering high-yield investments backed by low-liquidity assets, raising doubts about its ability to honor commitments.

In response to the worsening crisis, the Central Bank decided to shut down Master Bank, remove its management, and initiate the liquidation process, in which a liquidator manages the assets and liabilities to pay creditors. Simultaneously, Federal Police arrested Daniel Vorcaro on suspicion of involvement in a financial fraud scheme while attempting to leave the country, which heightened the seriousness of the investigations.

Currently, the case is under investigation on multiple fronts, with judicial measures including searches, seizures, and asset freezes, as well as discussions in the STF and TCU regarding the actions of regulatory agencies.