Mobile fraud is increasing, year-after-year

Unsurprisingly, the rise of mobile represents nowadays the key agent in digital commerce. In the last three years, the mobile transactions have almost tripled compared to the desktop ones.

At the beginning of the rise, mobile fraud rates have tended to lag behind the channel’s overall growth, however, in the first half of 2018 mobile attack rates rose 24%. In the United States, for example, mobile attack rates experienced the highest growth rate of 44%. Globally, one-third of all fraud attacks are now targeting mobile transactions.

Mobile is quickly becoming the dominant way people access online goods and services, and as a result, companies need to anticipate the increase of mobile cyber attacks.
In order to stay away from any threats related to the cyber world, we recommend the install of an antivirus for Android, an antivirus for Windows or an antivirus for Mac on every device that you own, depending on which OS your device is running.

If you are a company, it is also recommended to hire every year a specialized cybersecurity company that will run annual tests on your company’s network. These tests include penetration testing and ethical hacking tests;

The good news, here, is that as mobile usage continues to increase, so too does overall customer recognition rates. The main vulnerability, however, is at the app registration and account creation stage.
Financial institutions were the most affected ones, with over 81 million cybercrime attacks in the first half of 2018. Of these 81 million, 27 million were targeting the mobile channel as hackers turn their attention to the mobile banking adoption trend.

Financial mobile transactions are growing globally, with China, South East Asia and India showing the strongest regional growth.
The biggest threat here comes from device spoofing, as hackers attempt to trick banks.

The challenge for financial institutions, for now, is detecting mule activity even when individual account behavior may not trigger red flags.
In the first half of 2018, there was also an unprecedented spike in the volume of bot attacks targeting digital transactions worldwide. The first six months registered a 60% spike in bot attacks, from 1 billion bot attacks to 1.6 billion. At peak times, individual companies report these attacks to account for more than half of all transactions.

Large retailers are the primary targets as hackers attempt to infiltrate good user accounts and access sensitive personal data and saved credit card information. From the 1.6 billion, a total of 170 million bot attacks came from mobile devices in 1H 2018.
The bot traffic mainly originates from locations such as Vietnam and South Korea.

Social networks and dating websites have the highest mobile footprint of all industries, reaching 85% of total transactions and 88% of account creations by the middle of 2018. The biggest problem here is these sites’ often use a modest cybersecurity solution, but the attack rates are high as hackers use these platforms to test stolen identity credentials, as well as to steal sensitive personal data via account takeovers.
Identity data is arguably as valuable a currency online as hard cash. Identity spoofing is widespread and represents the top attack vector (13.3%) for this sector. IP spoofing is also prevalent, with hackers—predominantly from Vietnam, Ghana, Nigeria, U.S., and the Philippines—using proxy servers to make it appear as though they are actually based in locations close to their intended victims.

We would continue to monitor this cyber threat. Meanwhile, users should keep a keen eye out for any cyber attacks. Remember to use an antivirus for Android, an antivirus for Windows or antivirus for Mac in every device that you own, depending on which OS your machine is running, If you are a company we recommend to hire every year a specialized cybersecurity company that will run annual tests on your company’s network, tests like this include: penetration testing and ethical hacking.