Germany’s Federal Financial Supervisory Authority (BaFin) issued a warning Monday about a malware called “Godfather” that generates a fake copy of a banking or crypto platform login screen to appropriate a user’s information and steal funds.

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Fast facts

  • German financial authorities said the malware targeted around 400 banking and crypto apps, including those from operators in Germany.
  • BaFin said it is unclear how the malware infects web devices but once it gets in it displays fake websites of well-known banking and crypto apps.
  • The malware also sends push notifications to the user’s device to request two-factor authentication codes. Two-factor authentication is a security system that requires two separate, distinct forms of identification to access an account. 
  • “With this data, the cyber criminals may be able to gain access to consumers’ accounts and wallets,” said BaFin. 
  • According to U.S.-based blockchain analysis firm Chainalysis, cryptocurrency theft grew to $3.2 billion in 2021, a 516% increase from 2020.
  • Warnings of the Godfather malware first appeared online in December, with early reports suggesting it targeted Android devices across at least 16 countries.

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