Lending major State Bank of India (SBI) on Wednesday launched a Multi Option Payment Acceptance Device for digital convenience of customers and merchants.
According to the lending major, MOPAD allows the customer to make payments through “Cards, Bharat QR, UPI and SBI Buddy (e-wallet)” on a single PoS (Point of Sale) terminal.
“MOPAD will help merchants to integrate different kinds of transaction through one PoS machine which will help in eliminating their operational inconvenience and streamline cash flow,” SBI Chairman Rajnish Kumar was quoted as saying in a statement.
“This is another initiative by the bank towards less-cash economy, which will empower merchants and customers to opt for more digital transactions.”
Revealing a worrying global trend, security researchers have found that malware files designed to steal credentials and money from users’ bank accounts rose to around 30,000 in the first quarter of 2019, up from 18,500 in the previous quarter, a growth of over 60 per cent.
Mobile banking Trojans are one of the most rapidly-developing, flexible and dangerous types of malware, said the report from cyber security firmKaspersky Lab.
They usually steal funds directly from mobile users’ bank accounts, but sometimes their purpose is changed to steal other kinds of credentials.
The malware generally looks like a legitimate app, such as a banking application. When a victim tries to reach their genuine bank app, the attackers gain access to that too.
In Q1 2019, Kaspersky Lab detected around 30,000 modifications of various families of banking Trojans, trying to attack 312,235 unique users.
“The rapid rise of mobile financial malware is a troubling sign, especially since we see how criminals are perfecting their distribution mechanisms,” Victor Chebyshev, a security researcher at Kaspersky Lab, said in a statement.
“For example, a recent tendency is to hide the banking Trojan in a dropper – the shell that is supposed to fly to the device under the security radar, releasing the malicious part only upon arrival,” Chebyshev added.
A new version of the Asacub malware accounted for 58.4 per cent of all banking Trojans that attacked users, said the report.
Asacub first appeared in 2015. The attackers spent two years perfecting its distribution scheme and, as a result, the malware peaked in 2018, when it attacked 13,000 users a day.