With mobile banking usage surging by 50% since early 2020, the FBI has issued a public service announcement warning consumers of increased cyber threats targeting mobile banking apps. This spike is largely attributed to the shift to remote work and social distancing, which has made mobile apps a primary tool for financial transactions.
There are two major types of app-based threats to be aware of:
- Banking trojans disguised as legitimate apps: These malicious apps often appear as games or utilities. Once installed, they remain dormant until a real banking app is opened. Then, they overlay a fake login screen to steal credentials. After capturing the data, users are seamlessly redirected to the real app, leaving them unaware of the breach.
- Fake banking apps impersonating real institutions: These fraudulent apps mimic legitimate financial institutions and are found in both official and unofficial app stores. Once downloaded, they trick users into entering login credentials and intercept security codes sent via SMS, enabling full account access.
Fortra Brand Protection has been tracking rogue mobile apps and crimeware for more than a decade and is aware of the damage they can have on enterprises. Our Digital Risk Protection solution detects and mitigates mobile application threats including fake banking apps and app-based banking Trojans.
To defend against fake apps, our platform actively monitors hundreds of official and unofficial app stores to detect any unauthorized applications, remove those abusing your brand, and take down the infrastructure quickly.
We monitor app-based banking Trojans in-the-wild to detect active campaigns. When targeting instructions are sent to infected devices, we are able to identify the targeted brands and data. We then work with our global takedown network to take campaigns offline.
According to the FBI, more than 75% of Americans used mobile banking apps in some form in 2019. With new factors such as the pandemic moving the population to socially distance rather than interact physically with their financial institutions, that number will only rise. Enterprises need to be proactive in their efforts to monitor for these threats and have procedures in place to efficiently identify and action those that are malicious.
To learn more about how Fortra Brand Protection can protect your financial institutions from rogue mobile apps, speak with a member of our team or learn more about Digital Risk Protection.
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