Cryptocurrency ATMs with malware detection option growing big

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August 9, 2018 by
Cryptocurrency ATMs with malware detection option growing big

Cryptocurrency is flourishing at a swift rate. With cryptocurrency flourishing, crypto ATMs are coming up but at a slower rate, they are different from the traditional ATMs. In fact, Malware uses a menu vulnerability to disconnect an ATM from the network to disable alarms.

Trend Micro, an IT security company commented,

As long as there is money to be made — and there is quite a bit of money in cryptocurrencies — cybercriminals will continue to devise tools and to expand to lucrative new ‘markets.’ As the number of Bitcoin ATMs grows, we can expect to see more forms of  malware targeting cryptocurrency ATMs in the future.

See also: 200,000 routers were victims of Monero(XMR) mining malware

Difference in regular ATM and Bitcoin ATM

The foremost difference between a Bitcoin ATM and a regular bank ATM is that regular ATM is ‘more like a kiosk or terminal’. But the ‘most notable difference’ which was highlighted is, a regular ATM’s account is connected with a bank but a Bitcoin ATM is not connected with a bank account. Rather Bitcoin ATM connects the user to a cryptocurrency exchange. After the user purchased Bitcoin it is directly put into customer’s digital wallet.

Contrasting factors in terms of security

When the topic of security comes everyone becomes cautious as it as important thing in a financial sector. When it comes down to security Trend Micro commented,

Regular ATMs are popular targets for cybercriminals, and we have recently noted a shift away from physical tools such as skimmers to malware-based attacks. Bitcoin ATM malware has so far been much less talked about, perhaps because of the relatively low number of machines currently available globally.

When the security question comes for Bitcoin it is far more different than regular ATM. Regular ATM uses a single set of verification codes while it is functionless in Bitcoin ATMs. For user verification, Bitcoin ATM requires both mobile number and ID card while regular ATMs require credit or debit cards. After this process the user has to put a wallet address or scan a QR code. The difficulty of this wallet is that it is downloaded from app stores, raising the security question. This creates a way for the cybercriminals.

See also: Accenture puts forward Ransamware of Iran is a warning to Bitcoin [BTC]

It is noted that buyers not only get the malware but also a ready-to-use card that comes with EMV and NFC capabilities. It has been shown by a listing that the malware exploits a service allowing the user to purchase bitcoin worth upto 6,750 in US dollars, euros, or pounds. The malware is sold at US $25,000. The reviews gives us a fair idea that a seller has earned a large amount from different types of offerings, which includes malware.

Image via Shutterstock

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