The cyber threat to mobile banking


The lack of adequate cybersecurity and the dearth of talent in banking could potentially lead to a further rise in cyberattacks on user devices

The lack of adequate cybersecurity and the dearth of talent in banking could potentially lead to a further rise in cyberattacks on user devices

As cash transactions become a thing of the past, an increasing number of people’s interactions with their bank or bank accounts happen through their smartphones. According to a 2020 Statista survey of five thousand odd households across 25 States in India, two-third respondents said they had a smartphone. Of these, half said they sent and received money digitally, and about 31% said they had a mobile app for banking. Nearly 14% said they used their mobile phones for banking-related purposes. This number further jumped as the COVID-19 pandemic made a lot more people switch to digital modes of payment instead of transacting with cash. Convenience and quickness in completing payments via mobile applications also played a key role in accelerating this trend. This acceleration brings along with it a vulnerability: an increased threat of cyberattacks on mobile devices.

Kaspersky’s view of the threat

Global cybersecurity firm Kaspersky warns of an increase in cyberattacks on Android and iOS devices in the Asia Pacific (APAC) as more people switch to mobile banking in the region. According to Kaspersky’s senior malware researcher Suguru Ishimaru, mobile banking Trojans are dangerous malware that can steal money from mobile users’ bank accounts by disguising the malicious application as a legitimate app to lure unsuspecting people into installing the malware. (A Trojan is a malicious code or software that looks legitimate but can take control of your device, including smartphones.)

At the APAC Cyber Security Weekend conference on Thursday, Mr. Ishimaru pointed out two prominent malware campaigns that operate in the region and target smartphone users in several countries.

Trojans let loose

One mobile banking trojan, called Anubis, has been targeting Android users since 2017, and its worldwide campaigns have hit users in Russia, Turkey, India, China, Colombia, France, Germany, the U.S., Denmark, and…

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