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Mobile Banking Malware on the Rise

A Report by CYS Global Remit FinTech Development Unit 

As mobile banking experiences rapid growth, projected to reach a value of US$7 billion by 2032, a concerning trend emerges: the significant rise in mobile banking malware. According to a recent report by mobile security company Zimperium, threat actors are increasingly targeting mobile banking applications for illicit financial gain.  


The 2023 Mobile Banking Heists Report, unveiled in December 2023, offers insights into the risks faced by mobile financial applications. It highlights the persistent evolution and success of mobile banking malware and fraud on a global scale.  


Analysis from the 2023 study, which scrutinized malware aimed at banking apps, revealed that 29 malware families targeted 1,800 banking applications across 61 countries last year. This marks an increase from 2022, during which 19 banking malware families targeted 1,400 mobile apps.  


This growth indicates that threat actors are continually innovating to target mobile banking apps, devising new tools and techniques to execute fraudulent transactions, steal funds, and commit identity theft.  


Among the malware families, Hook emerged as the most prolific in 2023, targeting a staggering 468 banking apps. Hook is a malicious software specifically crafted to infiltrate mobile banking apps, often infecting a user's device through phishing emails, fake apps, or compromised websites.  


Once installed, Hook remains hidden, masquerading as a legitimate application or running discreetly in the background. When a user launches a legitimate banking app, Hook overlays a fake user interface (UI) on top of it, deceiving users into entering sensitive information.  


Behind the scenes, the malware captures login credentials, account details, and other sensitive data entered into the fake UI, transmitting this information to a remote server controlled by cybercriminals.  


In response to these threats, CYS Global Remit, as a Major Payment institution, is committed to staying abreast of new security technologies. It continuously enhances transaction security and implements dynamic credential verification systems in its applications to combat fraud and cyber threats effectively.  



The article is published by Fintech News Singapore, a source of timely, deep insights and the latest local and global news about Fintech.   

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