Android Trojan attacks SMS smartphone bank security

Security company Trusteer is warning about an Android Trojan that is being distributed by criminals to beat the SMS smartphone authentication systems employed by European banks to verify money transfers.

Man-in-the middle (MitM) attacks on 2FA technology via mobiles started around a year ago based on the simple observation that the apparent strength of SMS verification is also its weakness if hackers are able to compromise the handset itself.