Use your Android phone for banking? Important! Please Read.

The complete article

Researchers from Bluebox Labs have discovered a terrifying Android vulnerability that lets malware take over your apps, steal their data, and essentially take full control of your phone, including the financial information you've saved in your Google Wallet.

Here's the basic idea: Every Android app has a unique identity, and this particular vulnerability allows malware to copy that identity so that it can impersonate your applications without your knowing. Bluebox researchers aptly nicknamed the vulnerability "Fake ID."

The important stuff: If you use Android 4.4 (known as KitKat) or you received Google's April patch before your phone was attacked, you're safe.

Here is an app you can install and scan your Android phone to see if it has been infected by this exploit. https://play.google.com/store/apps/details?id=com.bluebox.labs.onerootscanner&hl=en