Fake mobile app fraud triples
Christian Fernsby ▼ | October 16, 2019
Fake app mobile fraud is hitting retailers hard, with attacks rising 191% in the first half of 2019, with cyber criminals using the trust legitimate brands garner to commit crime.Article continues below
Topics: MOBILE FRAUD
So finds a new global fraud report from digital risk management experts RSA Security, the results of which were were gathered RSA’s Fraud and Risk Intelligence (FRI) unit, a team of experts who infiltrate cybercriminal groups to unearth fraud campaigns and track their proliferation.
Worryingly, the total number of global fraud attacks the team detected in the first half of 2019 was 63% higher than the number detected in the second half of 2018, rising from 86,344 to 140,344.
Fraud attacks originating from fake mobile applications rose 191% in the first half of 2019 (to more than 57,000), as cybercriminals continue to abuse legitimate brands as a channel to commit fraud.
E-commerce payment fraud attempts originating from a ‘trusted’ account with one known to the RSA fraud system for 90+ days – but a ‘new’ device increased from 20% to 80% of total e-commerce fraud, as perpetrators double-down on account takeovers as a means to evade fraud detection.
There was an 80% rise in financial malware attacks in the first half of 2019, with fraudsters spotted using adapted versions of the old Ramnit Banking Trojan to circumvent defences; for instance, the fraud team found it’s now being distributed via executable files that are downloaded and opened unknowing users. ■ What to read next
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