NFC Traffic Stealer Targets Android Users & Their Banking Info

Researchers from cybersecurity company, ESET, have discovered a new Android malware named NGate that allows attackers to clone contactless payment data from physical credit and debit cards and use for fraudulent transactions. The malware evolved from NFCgate, a tool developed by students at Germany’s University of Darmstadt, for capturing and analysing near-field communication (NFC) traffic. Cybercriminals use the phishing method accompanied by social engineering tactics to fraudulently withdraw money from victims’ bank accounts.