Android users are being warned as a suspicious banking bug is spreading to devices.

Users are being urged to be aware before downloading another new app, with security experts explaining that the bug could leave anyone who downloads it out of pocket.

First spotted by the team at ThreatFabric last year, the Xeonmorph Android malware has the ability to intercept unique identify codes that banks send to devices as part of verification when logging into accounts.

The original version of the bug is estimated to have been installed over 50,000 times and worryingly the bug is now back and even more threatening than before, reports the Mirror.

Experts at TreatFabric are concerned that criminal behind Xenomorph have been able to make things far more advanced, with the malware now haing the ability to hack accounts automatically. Once accounts have been hacked, the bug is then able to steal account balances and even make unauthorised transactions – such as transferring money into other accounts.

Further, Threatfabric has confirmed that Xenomorph now has the ability to completely automate the whole fraud train. This means the bug can complete all elements from infection to fund exfiltration, making the malware one of the more dangerous in circulation.

Thousands of devices have been targeted

The bug could back your bank account from your device

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Experts reckon that over 400 banking and financial institutions have been targeted so far, with several cryptocurrency wallets included. These estimates mean that the update bug has already targeted over six times the number of accounts that the previous version.

At the moment, the majority of recorded infections have taken place in Spain, Turkey and the US.

Despite not being named in the latest report, the UK may still be at risk, with users across the country urged to be vigilant.

Similar attacks have caused havoc across Scotland and the rest of the UK previous, meaning it is important to keep an eye bank accounts after downloading new applications.

Speaking about the issue, Threatfabric said in a blog post: “The Xenomorph saga highlights once more that actors are switching their focus on mobile malware. The latest version of Xenomorph included large improvements from its previous iteration, adding Automated Transfer System (ATS) capabilities, which elevate the threat level of this family even more.

“ThreatFabric expects Xenomorph to increase in volume, with the likelihood of being one again distributed via droppers on the Google Play Store.”

Google Play is likely to fall victim to future attacks, meaning it is a good idea to check for any issues before downloading a new app.

Reading the reviews and checking the developer can help keep devices safe.

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