New threat: iOS malware steals faces to bypass biometrics with AI exchanges
Chinese hackers have developed a new malware called “GoldPickaxe” that threatens the security of iOS mobile device users. This software uses artificial intelligence exchanges to bypass biometrics and steal faces, personal identifiers and phone numbers. Cybercriminals can then use this information to access victims’ bank accounts.
A sophisticated attack
A victim of this attack was identified by Group-IB researchers. This is a Vietnamese citizen who lost around $40,000 as a result of this deception. What makes this attack special is the use of deepfakes, manipulated videos that allow the biometric security systems of Southeast Asian banks to be fooled. The malware masquerades as a government application and primarily targets elderly people. Victims are thus encouraged to scan their faces, which allows hackers to generate deepfakes from these scans.
The challenge of biometric authentication
This attack highlights the fact that deepfake technologies have reached an advanced level and are capable of bypassing biometric authentication mechanisms. Criminals exploit this weakness and take advantage of the fact that most users are unaware of this threat. According to Andrew Newell, scientific director at iProov, deepfakes are a tool of choice for hackers because they give them incredible power and control.
How hackers bypass Thai banks
The Bank of Thailand has implemented a facial recognition policy to combat financial fraud. However, the GoldPickaxe malware quickly bypassed this security measure. This malware presents itself as an application called “Digital Pension” used by elderly people to receive their pension in digital format. Victims are encouraged to scan their face, upload their government ID card and submit their phone number. Unlike other banking malware, GoldPickaxe does not operate on top of a real financial application, but instead collects all the necessary information to bypass authentication checks and manually log into victims’ bank accounts.
Fighting biometric banking trojans
These attacks highlight the need for the banking industry to implement more advanced security measures to deal with growing threats. Banks are recommended to implement sophisticated monitoring of user sessions and customers to adopt good security practices, including avoiding clicking on suspicious links, verifying the authenticity of banking communications and promptly contacting their bank in the event of suspected fraud.