Scammers are said to be targeting Android users which can lead to phone owners having their bank details stolen.
The criminals are posing as banks in a scheme that allows them to take over your phone and bank account when you answer their phone call, reports the Daily Record.
The cyber criminals are using malware called BRATA, which has previously been found on dangerous apps that managed to sneak onto Google Play Store, as it can evade most anti-virus scanners.
Cleafy, a fraud management firm, discovered the latest version of the malware which can evade the majority of anti-virus scanners.
The company warned that this scam could spread to European countries after attacks in Italy and Brazil.
Here's how the scam works - first, victims will be sent a text from criminals posing as their bank.
The text contains a link to a fake site and an invitation to download a fake anti-spam app that can overtake phones with the alarming power to access pictures, texts and record screens.
The message also says they will shortly be contacted by their bank.
Hackers will then call their targets to convince them to install the app in a process that requires multiple permissions which will allow criminals to take over the device.
Once installed, the scammers can remotely control victims' phones and make fraudulent transactions.
The criminals will be able to view any two factor authentication (2FA) codes a bank sends to a user when they're trying to access their internet banking account.
This is key to the scammers efforts, and if the cyber crooks are successful, could lead to victims being severely out of pocket.
Additionally, screen recording would give hackers the usernames and passwords they need to access internet banking accounts in the first place.
In order to stay safe from such texts, always beware of any unsolicited messages you receive asking you to hand over personal information such as bank details, or usernames and passwords for online accounts.
Also, be cautious of any messages that advise you to download apps you haven't heard of or click on links that don't look official.
If you follow this advice and are still unsure whether a message you receive is legitimate or not (and that can be the case as some scams are better disguised than others) then head to your bank's official website, find a contact number and phone up to speak to an official advisor directly.
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