What Does Financial Malware Mean?
Financial malware describes the emerging trend of using specialized malware, which has been built to scan a computer machine or an entire computer network, to gain information associated with financial transactions. Financial malware is employed by hackers to commit banking fraud cybercrimes. Considered one of the newer types of cybercrime, financial malware has managed to bypass secure information technologies developed specifically to protect the monetary assets of financial institutions and their customers.
Techopedia Explains Financial Malware
Financial malware mainly targets electronic fund transfers (EFT) and Automated Clearing House (ACH) transactions. The malware attempts to steal accounting and login information, making it possible to transfer money from the victim’s account to the attacker’s preferred bank accounts by using EFT.
