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New malware targets CUs, banks

New malware targets CUs, banks

April 18, 2016

IBM Corp. researchers say a new type of malware has targeted customers of 22 banks and credit unions in the U.S. and two in Canada.

According to The Wall Street Journal, the malware, known as GozNym, particularly targets bank customers with business accounts. The malware also targets credit unions and e-commerce platforms. It’s believed to originate from an organized crime group in Eastern Europe, and it resulted in the theft of around $4 million at the beginning of April.

Instead of targeting the bank’s system or employees directly, the malware targets account holders via email. The malware installs itself when the victims click on a link or attachment and stays dormant until the victims log on to their bank accounts. The malware also sends emails that look like they came from the banks being targeted.

Fortune reported that more than half the attacks have targeted business banking and credit unions, but that 17 percent of victims have been in retail banking.

The researchers did not identify which banks had been hit but said the institutions have been alerted and are taking measures to stop the attacks.

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