The SBI fake banking app shows that SMS authentication has had its day - Help Net Security

A scam targeting the State Bank of India (SBI) uses a fake banking app to steal login credentials and forward SMS authentication codes to the attacker. The app’s industrial scale, with over 100 victims per week, highlights the flaws in APK sideloading and SMS-based authentication. Financial institutions should adopt more secure authentication methods to prevent such large-scale fraud.