What is meant by Man in the browser attack?

Man-in-the-Browser (MitB) attack is a type of Man-in-the-Middle (MitM) attack specifically involving a browser infected with some type of proxy malware.
This malware allows an attacker to intercept or modify information sent from a user’s browser to a server.
It works regardless of the existence of a two or three step authentication system for a web application.
Such attacks are often carried out to steal financial information by intercepting a user’s traffic to a banking site.

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