Dec 7: The commercial banks in India have banked heavily on the two factor system where the OTP sent through a mobile is used to authenticate the password based access. Some Banks like SBI and ICICI Bank even tried to convince the RBI that this two factor authentication should be given a legal sanction. Now this case study explains how the new variants of Zeus Virus is used to defeat the two factor authentication with the use of a mobile.  Named as “Eurograbber” this virus is reported to have been used for defrauding over 30000 bank customers across EU to the tune of around 36 million Euros. This also represents the risk that Indian Banks are facing. It is anybody’s guess if the Indian Banking system can survive such an attack. If such a damage occurs, Indian economy will be in shambles not withstanding any of the other efforts of the GOI.  Case Study