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July 26, 2011 / David Bleeker

SpyEye Trojan morphs to defeat online banking defenses

Banks are facing more trouble from SpyEye, a piece of malicious software that steals money from people’s online bank accounts, according to new research from security vendor Trusteer.

SpyEye is a particularly nasty piece of malicious software: it can harvest credentials for online accounts and also initiate transactions as a person is logged into their account, literally making it possible to watch their bank balance drop by the second.

SpyEye works fast, and can automatically and quickly initiate a transaction much faster than an average person manually on the website. That’s a key trigger for banks to block a transaction. So SpyEye’s authors are now trying to mimic — albeit in an automated way — how a real person would navigate a website.SpyEye is actually a botnet with a network of command-and-control servers hosted around the world. As of Tuesday, some 46 command-and-control servers were online, according to the SpyEye Tracker, a website dedicated to gathering statistics about the malicious software. [read more]

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