New virus steals from online bank accounts

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October 1st, 2009 - Posted by Robert Siciliano

Robert Siciliano is a NextAdvisor.com Expert Guest Blogger

A new kind of Trojan horse infiltrates your online bank account, and not only steals your log-in information, but also siphons funds directly out of your account. The virus is known as URLZone, is controlled by servers in the Ukraine, and it determines how much money to steal from a victim's account depending on the initial balance, all in real time, while the user is logged in, displaying a fake balance so the victim isn't aware that it's happening. URLZone targets Firefox, Opera, and the last three versions of Internet Explorer. Currently, the virus is only targetting computers in Germany. But it's only a matter of time until URLZone, the most sophisticated worm of its kind to date, spreads further.

Like most viruses today, URLZone generally infects a PC when the user clicks a link or visits an infected site. Once the virus is installed, it waits for the user to access an online banking website. That's when it goes to work. While the user is banking online, the virus communicates with the bank's server in the background. Transactions are being processed and the user doesn't see any of it happening. Frankly, this doesn't even sound possible to me. But it's happening. The virus then erases its tracks by displaying a bank balance on the infected computer that doesn't reflect the funds that have been stolen. The victim will only recognize a discrepancy in the balance when using an uninfected computer or an ATM, or receiving a paper statement. Or when the checks start to bounce.

A virus with the sophistication to hijack the victim's browser, steal money during an online banking transaction, and then cover its own tracks by modifying the information displayed to the victim, all in real time, is not good, to say the least.

White hat hackers are struggling to stay one step ahead of the criminals, but black hat hackers are out in full force. There are more ways to compromise data today than ever before. From 2007 to 2008, the number of viruses quadrupled from 15,000 to nearly 60,000.

Recently, a couple's bank account was compromised as a result of their own insecurity. The bank claimed no responsibility and held the couple accountable for the loss. Now they are suing the bank. Depending on how this case pans out, you may be held responsible for the loss if you're hacked.

To prevent these types of situations, make sure your Internet security software is updated and set to run automatically. Keep your web browser updated to the latest version, since an out of date web browser can provide holes that worms can crawl through. You should also set your operating system to update critical security patches automatically.

Check your bank statements at least once a week, and invest in identity theft protection, which employs a number of different techniques to prevent, detect and, if necessary, resolve identity theft.

Robert Siciliano, identity theft speaker, discusses online banking insecurity.

Robert Siciliano is CEO of IDTheftSecurity.com , an identity theft expert, professional speaker, security analyst, published author and television news correspondent. Siciliano works with Fortune 1000 companies and startups as an advisor on product launches, branding, messaging, representation, SEO and media. Siciliano's thoughts and advice on all these matters appear often in both the televised and print news media including CNN, MSNBC, CNBC, FOX, Forbes and USA Today. He has 25 years of security training as a member of the American Society of Industrial Security. He is the author of two books, including The Safety Minute: Living on High Alert; How to take control of your personal security and prevent fraud. He's also partnered with Uni-Ball to help raise awareness about the growing threat of identity theft and to provide tips on how you can protect yourself.