The application, called iBanking, is able to spy on phone calls and SMSs on Android phones and tricks users into installing a fake Facebook application. Once installed, it demands a phone number so that hackers can take over a users bank account.
Lee Bristow, security consultant at ESET Southern Africa mentioned that this bot is extremely invasive, because hackers are able to listen to calls been made, intercept SMS messages and even listen to private conversations.
Some of the warning signs include the fact that the application is hosted on a third-party website and is riddled with spelling and grammar errors.
According to research from mobile industry tracker Gartner, Android powers around 80% of smartphones globally and the result is that it makes an ideal target for criminals.
As many new users come online with Android devices, hackers are likely to exploit them in order to steal personal data that could be used in criminal endeavours.
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