Cyberthreats in Mobile Banking

Cyberthreat in Mobile Banking: Scope in India

• Out of five thousand households surveyed across 25 States in India, about two-third respondents had a smartphone.
• More than half of the respondents sent and received money digitally, and about 31% had a mobile app for banking.
• Nearly 14% of respondents used their mobile phones for banking-related purposes.

Cyberthreat in Mobile Banking:  In Asia-Pacific

• Cyber experts say that two prominent malware campaigns operate in the region and target smartphone users in several countries.
• Malwares can steal money from mobile users’ bank accounts by disguising the malicious application as a legitimate app.
• Prevalent malwares in the region:
  • Anubis Trojan malware: Anubis has been targeting Android users since 2017, and its victims hail from countries such as Russia, Turkey, India, China, Colombia, France, Germany, the U.S., Denmark, and Vietnam.
  • Working: Perpetrators infect the phones through legitimate-looking and high-ranking malicious apps on Google Play, smishing, and BianLian malware.
• Cyberthreat in Mobile Banking: Malwares
• • Malware is a variety of software or file designed to damage and destroy computers and computer systems.
  • Examples of common malware includes viruses, worms, Trojan viruses, spyware, adware, and ransomware

• Roaming Mantis: It is another prolific malware that targets mobile banking The group attacks Android devices and spreads the code by hijacking domain name systems (DNS) through smishing.
  • Between the start of 2021 to the first half of 2022, the malware has infected million devices in the APAC region.
  • Working: The group targets users by sending smishing texts with a short description and a URL landing page that increased the Cyberthreat in Mobile Banking.
  • If a user clicks on the link and opens the page, they are redirected to a phishing After users inputs information, attackers collect information of the user.

Cyberthreat in Mobile Banking: Future Challenges

• Interoperability: Mobile payment platforms like Google Pay, PaytM, PhonePe, Square, PayPal, and Alipay operate in a closed-loop payment world where a Google Pay user can send money to another bank account via only the search giant’s payment platform due to which Cyberthreat in Mobile Banking increased.
• But governments regulators prefer open, standardised platforms that lower barriers to entry. The push from regulators to make payment platforms interoperable can expose the payments to cyber threats.
• Lack of technical experts: There is a lack of technology, engineering, data and security experts needed by banks to grow and sustain the payment
• Dearth of talent in banking can lead to a further rise Cyberthreat in Mobile Banking.
• Innovative techniques: Cyber criminals are employing unique and innovative techniques to target users. Identifying and warning consumers from potential challenges is a problem.

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