Punjab and Sind Bank (PSB) recently issued a public notice alerting customers to a new scam involving fraudulent messages and malicious APK files. This scam threatens grave financial losses if customers do not take proper precautions.
How the APK Scam Works
Step 1: Creating Panic with Fake Messages
Scammers initiate the fraud by sending text messages that mimic legitimate bank communications. These messages claim that recipients must update their Know Your Customer (KYC) information to avoid having their bank accounts blocked. The fraudulent messages create a sense of urgency, making recipients more likely to follow the instructions.
Kaushik Ray, Chief Operating Officer of Whizhack Technologies, explains that these messages exploit users’ fears and desires, bypassing rational judgement. The goal is to trick recipients into downloading a malicious APK file, a common format for Android apps.
Step 2: Installing Malicious APK Files
Once recipients are convinced by the false narrative, they are instructed to download and install an APK file. These files often contain malware. Upon installation, the malware grants hackers access and control over the victim’s mobile device.
Step 3: Executing Cyber Attacks
With control of the device, hackers can perform various malicious activities. These inc
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