Various threats exist in the financial sector. Although banks may pose the biggest problem altogether, the growth in popularity of mobile banking trojans should not be overlooked either. In fact, it appears mobile banking Trojans are one of the biggest concerns across the global banking sector. Protecting against these threats will become even more important as time progresses.

A new report by Kaspersky Lab shows things are not looking all that great In fact, the firm portrays mobile banking Trojans as the biggest threat to look out for throughout 2018. A growing number of distribution campaigns and installation packages has been noted across the globe, and things are not improving all that much as more time progresses.

The Rise of Mobile Banking Trojans Can’t be Ignored

It is a rather infamous type of distributing malware across mobile devices. Unlike computer software tools, the mobile variants are designed to steal money directly from users’ bank accounts. This makes it incredibly lucrative to cybercriminals, as they will always look for ways to make a quick profit. Given how consumers become more reliant on mobile banking in this day and age, there are many targets ripe for the picking.

As one would come to expect, most of the mobile banking Trojans are designed to mimic legitimate applications. Once users launch the fake application, they will see an interface overlay which runs on top of the banking interface. Any information put in at that time will be recorded by the malware and sent back to the criminals. It is this type of Trojan has become very popular in Q2 of 2018.

It appears these mobile banking Trojans primarily target the USA, Russia, and Poland. As is to be expected the Android ecosystem is the most vulnerable to these threats, mainly because it is the most commonly used mobile OS all over the world. This further confirms there is a growing trend for mobile malware, and something needs to happen to ensure this growth comes to a halt.

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About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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