Android banking applications have revolutionized financial management by allowing users to perform various financial activities through mobile devices. However, this convenience has attracted cybercriminals who exploit security vulnerabilities to access sensitive financial data. FjordPhantom, a malware identified by our industry collaborator, uses virtualization and hooking to bypass the detection of malicious accessibility services, allowing it to conduct keylogging, screen scraping, and unauthorized data access. This malware primarily affects banking and finance apps across East and Southeast Asia region where our industry partner’s clients are primarily based in. It requires users to be deceived into installing a secondary malicious component and activating a malicious accessibility service. In our study, we conducted an empirical study on the susceptibility of banking apps in the region to FjordPhantom, analyzed the effectiveness of protective measures currently implemented in those apps, and discussed ways to detect and prevent such attacks by identifying and mitigating the vulnerabilities exploited by this malware.

The emergence of mobile technology has significantly advanced the banking sector in terms of how consumers interact with their banks and manage their finances. The accessibility and ease of financial services have been improved by the switch from desktop banking to mobile banking. Mobile banking has a lot of advantages, but it also has security concerns. Illegal access to personal and financial information often occurs due to lapses in mobile security. In recent years, we have worked with banks from 10 countries and systematically analyzed 28 of their apps. We found several vulnerabilities in these apps by manual code reviews and by conducting 11 types of attacks. We then proposed and applied adequate security measures to protect these apps. Finally, we added these measures to our tool named AppProtect+ to effectively identify and thwart these threats. In this paper, we report our experience and practice of securing these Android apps.

We introduce MobiCeal, the first practical Plausibly Deniable Encryption (PDE) system for mobile devices that can defend against strong coercive multi-snapshot adversaries, who may examine the storage medium of a user's mobile device at different points of time and force the user to decrypt data. MobiCeal relies on "dummy write" to obfuscate the differences between multiple snapshots of storage medium due to existence of hidden data. By incorporating PDE in block layer, MobiCeal supports a broad deployment of any block-based file systems on mobile devices. More importantly, MobiCeal is secure against side channel attacks which pose a serious threat to existing PDE schemes. A proof of concept implementation of MobiCeal is provided on an LG Nexus 4 Android phone using Android 4.2.2. It is shown that the performance of MobiCeal is significantly better than prior PDE systems against multi-snapshot adversaries.