Malware News Malware Targeting Bitcoin ATMs Pops Up in the Underground

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https://blog.trendmicro.com/trendlabs-security-intelligence/malware-targeting-bitcoin-atms-pops-up-in-the-underground/

The financial industry has seen several changes in terms of technology, including new ATM capabilities and the increasing use and popularity of cryptocurrencies. These two intersect in what’s known as a Bitcoin (BTC) ATM.

Although it looks similar to a regular ATM, a Bitcoin ATM differs in certain important aspects. Perhaps the most notable difference is that a Bitcoin ATM does not connect to a bank account. Instead it connects to a cryptocurrency exchange, which is a platform for buying and selling cryptocurrencies like bitcoin. The purchased bitcoins go to the customer’s digital wallet. In essence, a Bitcoin ATM is not really an ATM in the traditional sense of the word but is rather more like a kiosk or terminal that allows users to connect to exchanges.

But how safe are these Bitcoin ATMs?

Regular ATMs are popular targets for cybercriminals, and we have recenty 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.

With the increasing popularity and real-world use of cryptocurrencies and the fact that cybercriminals will always try to exploit something that can make money for them, mining malware has been prevalent in the past year. It shouldn’t come as a surprise then that malware targeting Bitcoin ATMs will pop up in underground markets.

Unlike regular ATMs, there is no single set of verification or security standards for Bitcoin ATMs. For example, instead of requiring an ATM, credit, or debit card for transactions, a Bitcoin ATM involves the use of mobile numbers and ID cards for user identity verification. The user then has to input a wallet address or scan its QR code. The wallets used to store digital currencies are not standardized either and are often downloaded from app stores, posing another security problem. Given the seemingly Wild West nature of Bitcoin ATM security, cybercriminals are sure to take advantage.

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