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Play Protect Introduces Real-Time Update to Tackle Financial Fraud

Google Play Protect introduces a real-time update to tackle financial fraud, ensuring banking applications are risk-free by requiring a one-time password and correct verification code.

By Newsd
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Play Protect Introduces Real-Time Update to Tackle Financial Fraud

Play Protect Introduces a Real-Time Update to Tackle Financial Fraud: Google Play Protect has been conducting malware scans on installed applications since its inception; however, this does not provide absolute assurance that banking applications for customers are risk-free. Users can access the victim’s bank account by inputting the SMS-provided one-time password (OTP) and verification code.

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Protection against fraud via Google Play Protect

Play Protect now includes an app’s accessibility, RECEIVE_SMS, READ_SMS, and BIND_Notifications permissions in its security checks. Hackers frequently target these permissions. The Play Protect feature was added by Google. With accessibility authorization, hackers can secretly monitor inbound SMS messages and notifications, allowing them to use the device without the user’s knowledge.

Due to their collaboration with Cyber Security Singapore, Google has decided to limit this feature to Singapore. Google is delivering this fraud protection technology to Singaporeans for the first time. Google’s latest feature keeps a close eye on the background activities of apps and their permissions.

According to Google, this makes banking apps secure. Whether downloaded from APK files or the internet, third-party apps activate Play Protect’s fraud protection feature. The software generates a report when it acquires all four permissions.

It is important to check for smart permissions such as RECEIVE_SMS, READ_SMS, BIND_Notifications, and Accessibility. Hackers are prevented from intercepting SMS and notification messages that enter the user’s phone, which restricts the app’s access to personal data and bank accounts.

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