HomeRisk ManagementsThe Increase of Mobile Banking Malware by 32%

The Increase of Mobile Banking Malware by 32%

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The latest annual Financial Threats Report for 2023 by Kaspersky has revealed a concerning 32% increase in global mobile banking malware compared to the previous year. This surge in mobile malware attacks is particularly targeting Android users, with countries like Afghanistan, Turkmenistan, and Tajikistan experiencing a high number of encounters with banking Trojans. Turkey, in particular, leads in mobile banking malware attacks, affecting almost three percent of users.

While there has been an 11% decline in financial PC malware, threats from malware families such as Ramnit and Zbot continue to persist, primarily targeting consumers. The report also highlights the persistent threat of financial phishing, which accounts for over a quarter of all phishing attacks on corporate users and nearly a third on home users. E-shop brands, especially PayPal, are the top lure for financial phishing attempts, constituting over half of all attempts.

In addition to traditional financial threats, the report also sheds light on the rise of cryptocurrency-related phishing and scams. Kaspersky has identified over 5.8 million attempts to follow cryptocurrency-themed phishing links in 2023, marking a significant 16% increase from the previous year. Interestingly, Amazon emerged as the most mimicked online store in terms of phishing attempts, followed by Apple and Netflix.

Security expert Igor Golovin from Kaspersky commented on the concerning trend, stating, “Money has always been a magnet for cyber-criminals, and a substantial portion of malware attacks are financially motivated. The surge in mobile malware witnessed last year highlights a concerning trend in cybercrime.” He emphasized the need for individuals and businesses to maintain heightened vigilance, update protective measures, and fortify device security to combat evolving tactics employed by attackers.

To mitigate the risks posed by mobile malware, Kaspersky recommends several proactive measures. These include downloading apps only from official stores, carefully scrutinizing app permissions, utilizing reliable security solutions, and regularly updating operating systems and crucial apps. By taking these precautions, users can enhance their defenses against mobile malware attacks and safeguard their financial information.

Overall, the Financial Threats Report for 2023 underscores the evolving landscape of cyber threats targeting financial institutions and individual users. With the increasing sophistication of malware strains and phishing attempts, it is crucial for individuals and businesses to stay informed, remain vigilant, and implement robust security measures to protect against financial cybercrime.

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