Massive Mobile Malware Campaign Targets Indian Banks, Steals Financial Data

Zimperium’s zLabs research team has uncovered a significant mobile malware campaign that targets Indian banks. First reported on February 5, 2025, this threat was orchestrated by a threat actor called FatBoyPanel. Nearly 900 malware samples are used in the campaign, which is distributed via WhatsApp and uses malicious apps that impersonate banking or government apps to steal private and sensitive financial data from unsuspecting users.  

Once installed, the malicious apps steal the users data, such as credit and debit card information, ATM PINs, Aadhaar card details, PAN card numbers, and mobile banking information. Additionally, the malware uses sophisticated stealth techniques to conceal itself and avoid detection or removal by intercepting SMS messages that contain OTPs. 

By using the reputation and legitimacy of Indian banks and government agencies to trick users into thinking the apps are authentic, this cyberattack is a clear illustration of how threat actors have advanced to a new level. These cybercriminals are deceiving users into downloading malicious apps intended to drain accounts and compromise sensitive data by posing as trustworthy organizations. 

Upon closer examination, the malware can be divided into three different types: hybrid, firebase-exfiltration, and SMS forwarding. Different exfiltration techniques are used by each variant to steal confidential information. By employing live phone numbers to intercept a

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