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Germany regulator warns of ‘Godfather’ banking malware

On Monday, Germany’s financial regulator BaFin warned consumers about the “Godfather” malware, which steals sensitive information from users by infiltrating 400 banking and cryptocurrency apps worldwide.

According to BaFin, how the malware infiltrated consumers’ devices is unknown. Moreover, the malware presents itself as the official websites of common apps so that it can steal users’ login information and send it to bad actors.

BaFin’s Past Warnings for Germany-Based Banks:

In 2016, at the end of a week that saw Deutsche Bank shares get battered by a crisis of confidence, the head of Germany’s financial regulator warned on Saturday of negative perceptions that could lead to downward spirals on the markets. This warning came on the same day that the head of the German financial regulator warned of negative perceptions that could lead to downward spirals in the markets.

Felix Hufeld, the head of Bafin, declined to comment particularly on Deutsche Bank, the largest bank in Germany, in an interview conducted with the Frankfurter Allgemeine Sonntagszeitung newspaper and is scheduled to be published on Sunday.

However, he cautioned individuals not to get sucked into a downward spiral of negative perception by allowing themselves to be dragged in. He also mentioned that objective data do not support certain anxious market reactions.

Shares of Deutsche Bank were negatively affected first by a demand from the United States Department of Justice for up to $14 billion in compensation for the improper sale of mortgage-backed securities, then by a report that Berlin was preparing a rescue plan, and finally, by a report that hedge funds were reducing their exposure to Deutsche Bank.

They recovered from record lows on Friday after another rumor late in the day that the bank was close to settling with U.S. authorities for $5.4 billion instead of $14 billion. The claim came after the market had already hit new lows for the day.

BaFin Overview:

BaFin is Germany’s financial regulator and is in charge of maintaining the financial system’s stability and integrity.

The Federal Financial Services Authority (BaFin) was founded in 2002 to oversee Germany’s financial markets and institutions. In Germany, the Financial Services and Integration Act of 2002 established BaFin, which effectively merged three previous Federal agencies: the Banking Supervisory Office, the Supervisory Office for Securities Trading, and the Insurance Supervisory Office. 

BaFin now combines the regulatory tasks of those organizations with power over Germany’s banks, financial services firms, insurance companies, stock exchanges, and other obliged institutions. Identifying and eliminating financial crime is an important component of BaFin’s job as a regulator, which includes supporting anti-money laundering in Germany and counter-terrorist financing.

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