“Letscall” malware is a rising threat to banks and their customers
Researchers have issued a warning about an emerging advanced form of voice phishing (vishing) known as "Letscall." This dangerous technique poses a serious threat to financial institutions and their customers.
How Letscall Works
The criminals behind Letscall trick customers into downloading malicious apps from a counterfeit Google Play Store website. Once installed, these seemingly innocuous apps redirect incoming calls to a call center controlled by the criminals. Trained operators, cleverly posing as bank employees pretending to address suspicious activities, extract sensitive information with ease.
Using these advanced techniques, attackers can request loans in victims' names, leaving them burdened with significant debts to repay.
While Letscall is currently limited to South Korea, cyber experts warn it could spread its tentacles to other regions. Its ready-to-use framework could be used by any threat actor, since it includes all instructions and tools for operating the affected devices and communicating with victims.
How you can protect your business
Remember, being proactive and well-prepared is the best defense against growing threats. Raising awareness among your employees, customers, and partners about the potential risks of voice phishing and other advanced cyber threats will be crucial in safeguarding your reputation.
In the face of ever-evolving cyber threats, it's crucial to ensure that your software systems are equipped with fraud detection and identity verification tools to identify threats and assist in your AML and KYB/KYC process. Timely identification and flagging of suspicious activities can be the turning point in protecting your customers and your reputation.