Regular bank ATMs have long been a target for criminals but now bad actors are turning their sights on Bitcoin ATMs as cryptocurrencies gain acceptance.
According to Trend Micro security researchers, a malware targeting Bitcoin ATMs has been discovered in the underground markets. The Bitcoin ATM malware which is being sold at a price of US$25,000 takes advantage of a service vulnerability that allows users to purchase bitcoin worth 6,750 in either US dollars, British pounds or euros. The cryptocurrency purchases are done using Near-Field Communication (NFC) or the Europay, Mastercard and Visa (EMV) pre-written cards which are provided to buyers of the malware.
Lack of Common Standards
Per the cybersecurity researchers, the lack of standardization with regards to Bitcoin ATMs may be contributing to the problem.
“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,” wrote Senior Threat Researcher at Trend Micro, Fernando Merces. “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.”
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