According to global cyber security firm Kaspersky, the financial threat landscape experienced a game-changing in the pandemic year. The reason being cybercriminals are now using new and advanced techniques to attack mobile-based banking and the geography of attacks has become more diversified and extensive from a mobile financial malware perspective.

The report found that while the overall volume of threats via PCs or mobiles decreased during this period, the team noticed cybercriminals using new and advanced propagation techniques.

Key findings:

  • Focus on mobile represented a change of tactics which mobile bankers have experienced. Malware that is designed to steal users’ credentials, or even funds from users’ accounts have upsurged.
  • The global situation changed in 2020, and all targeted countries switched places on the list of countries with the highest percentage of users that encountered Android banking malware in 2019.
  • The research said that Russia, a long-time leader in this category, moved down to seventh place in 2020. At the same time, Japan and Taiwan, absent from the list of affected countries in 2019, rose rapidly to occupy the top two spots.
  • Researchers observed that in 2020 new countries becoming a hotbed for cyber-infections. The clearest example of this is Japan, which faced a wave of attacks from the Wroba.g banking Trojan,” commented Victor Chebyshev, security expert at Kaspersky.
  • The research reported all these attacks can be prevented bringing in hope. Therefore, we urge users to take extra care when conducting mobile financial transactions,” he added.
  • Advice from the report is “Only install applications from reliable sources such as official stores and install all latest updates and patches for existing software on a continuous basis”.

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