New malware called NGate can relay NFC information over a compromised phone wiping out your ATM balance.
Hackers and cyber thieves are always working to outdo themselves in the never-ending battle to get into your phone and steal your hard earned cash. Newly discovered Android malware uses the NFC reader on an infected device to get the payment data from your handset and relays that info to attackers. This malware will allow the thieves to use your data at ATMs and POS (point of sale) machines to pull out money or pay for purchases at the cash register.
Discovered by cybersecurity firm ESET, the firm named the malware NGate because the NFCGate toolkit used to analyze NFC traffic is employed by the attackers. Czech police busted up a gang using a similar scheme after arresting one of the members withdrawing cash out of an ATM machine in Prague. Here is how the scam operated.
