Mobile banking fraud in India is growing @ electronics payment
India has witnessed a rapid growth of electronic payments and mobile banking in India. According to the Reserve Bank of India’s 2017-18 Annual Report a new report covering cybersecurity in the mobile space and mobile banking volume grew 92% in volume of transactions and 13% in value of transactions from March 2017 to March 2018 while the number of mobile banking users grew 54% during the same time frame and little change in the number of ATMs deployed. In India, 92.6% of total retail payments volume is electronic, up from 88.9% in the previous year, much higher figures than in the U.S.
This has set the stage for greater adoption of mobile payments and banking. With the enormous potential of digital comes enormous risks, as banks share not only their own but also their customers’ data with a diverse range of external parties, elevating the risk of financial crime and cyber-attacks. The 2019 Mobile Threat Landscape Report: A Comprehensive Review of Mobile Malware Trends report finds that nation-states are targeting individual mobile users.
Shift to a digital economy has had its perks for the users, it comes with a heightened need for cyber-security. Based on cybersecurity provider CrowdStrike’s recent findings from its 2019 Mobile Threat Landscape Report: A Comprehensive Review of 2019 Mobile Malware Trends, malware targeting mobile banking is seen to remain prolific, supported by a vital underground industry of developers operating mobile “malware-as-a-service” subscription models to complement desktop offerings.
The report demonstrates that attackers are utilising experience they have developed over years compromising ‘traditional’ computers, and now are applying it to mobile platforms. The past year has seen the current maturity level of mobile security solutions lagging behind traditional platforms, leading to longer potential attacker dwell times on compromised mobile devices and greater access to sensitive data. What’s more, targeting of mobile platforms is increasingly being adopted by a broad range of criminal and targeted adversary groups as well.
Key findings of the report include:
● Mobile ransomware presents just as large of an issue as traditional ransomware
● Mobile malware can be used to support operations seeking to disrupt business operations
as part of a wider attack against a company or sector
● Phishing and Banking Trojans remain two very prevalent criminal techniques
● Applications can pose many risks, especially for Android users
● Click fraud poses multiple threats as it can be repurposed to perform other functions
● Insider threats present a large, critical issue in the mobile space
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