This week the EU announced the shocking development of new legislation to drive European citizens one step further in the direction of a privacy black hole. In the near future, banks are allowed to share vital data such as balances from customers with ordinary companies. If you didn’t hate the sick mind politicians in Brussels, now you might do.
The EU believes that companies can make better approaches to potential customers with their products when they know all about your spending capabilities.
This latest development would involve using technology to open up access to data such as a list of the transactions in an individual’s bank statement, balances included.
Further to this, the new law would also allow financial companies getting inside information to attract new customers more efficiently.
According to a EU spokesman, bank clients don’t give a damn about privacy as long as they get what they want.
We knew that the banking industry is laughing about their customers. A bank that really cares for clients never should advise using a smartphone for bank transactions.
To heat this matter up, this week security researchers made public that malicious software designed to attack Android smartphones has breached the Google accounts of more than a million Android smartphone users.
According to security firm Check Point Software Technologies, the malware, named Gooligan, still massively targets devices running Android 4.0 and 5.0.
This is nearly 74 percent of mobile devices using the Google-powered operating system.
The malware is able to steal email addresses and authentication data stored on the devices to access sensitive data from Gmail, Google Photos, Google Docs and who knows also banking account data.
The security firm calls the theft of over a million Google account details “very alarming and represents the next stage of cyber-attacks”
A new variant of the Gooligan’s code is affecting around 13,000 devices per day. About 57 percent of those devices are located in Asia and about nine percent in Europe.
How it works: The infection begins when a user downloads and installs a Gooligan-infected app on a vulnerable Android device or by clicking on malicious links in phishing attack messages.
Attackers can gain control over the device and generate revenue by fraudulently installing apps from Google Play and rating them on behalf of the victim. Check Point Software said it reported the details of the malware to Google, and that the tech giant indicated it would take steps to protect users.