Search This Blog

Powered by Blogger.

Blog Archive

Labels

Footer About

Footer About

Labels

Showing posts with label Payment Faud. Show all posts

Android Malware Hits 42 Million Downloads, Risking Mobile Payments

 

Android malware is surging globally, with attackers increasingly targeting mobile payments and IoT devices, exposing critical vulnerabilities in systems heavily relied upon for communication, work, and financial activity. 

Recent findings from Zscaler indicate that 239 malicious Android apps were discovered on Google Play, amassing a staggering 42 million downloads, mainly by users seeking productivity and workflow solutions trusted in hybrid work settings. This reflects a pronounced shift away from traditional card-based fraud toward abuse of mobile payment channels using various social engineering tactics—such as phishing, smishing, and SIM-swapping.

Mobile compromise incidents are escalating rapidly, highlighted by a 67% year-over-year spike in Android malware transactions. Spyware, banking trojans, and adware are the dominant threats, with adware constituting 69% of all malware detections, indicating evolving monetization strategies among cybercriminals while the notorious 'Joker' family has sharply declined to only 23% of activity. The report outlines a trend of attackers focusing on high-value sectors, with the energy industry experiencing a dramatic 387% increase in attack attempts compared to the previous year.

IoT environments remain highly vulnerable, particularly in manufacturing and transportation, which saw over 40% of IoT-related malware activity. IoT attacks are primarily driven by botnet malware families such as Mirai, Mozi, and Gafgyt—collectively responsible for about 75% of observed malicious payloads within this space. Routers, in particular, are heavily targeted, making up 75% of all IoT attacks, as attackers use them for botnet building and proxy networks.

Geographically, India is the prime target for mobile malware, receiving 26% of analyzed attacks, followed by the United States (15%) and Canada (14%). In IoT, the United States is most affected, seeing 54.1% of all malicious traffic. Certain threats like the Android Void backdoor have infected at least 1.6 million Android TV boxes, mostly in India and Brazil, exposing the dangers linked to widespread use of inexpensive devices and outdated software. Malware families like Anatsa and Xnotice continue to refine tactics for financial theft and regional targeting.

To defend against these threats, experts recommend maintaining regularly updated devices, using reputable antivirus apps, enabling ransomware protection, limiting unnecessary app installations, scrutinizing permissions, running frequent malware scans, and utilizing Google Play Protect. The article stresses the need for a "zero trust everywhere" approach combined with AI-driven threat detection to counter the evolving cyber landscape.

Small Businesses Increasingly Concerned About Payment Fraud

 

Small businesses are becoming more concerned about payment fraud, as revealed by a recent survey from regional bank KeyBank. The survey included nearly 2,000 small-to-medium-sized businesses with annual revenues of less than $10 million. The results show that payment fraud is a significant worry, with various types of fraudulent activities posing serious threats to their financial security. 

The survey revealed several major concerns among small business owners. Forty-four percent of respondents were anxious about unauthorized transactions or electronic fund transfers. Identity theft was a concern for 37%, while 28% were primarily worried about malware and ransomware attacks. Additionally, 27% were troubled by phishing and email scams. 

Mike Walters, President of Business Banking at KeyBank, highlighted the impact of new technology on increasing vulnerabilities to fraud. "With the introduction of new technology over the last several years, small businesses are some of the many that have fallen victim to fraudulent activity," he stated. Walters emphasized the importance of having a robust plan to combat fraud. Beyond fraud, the survey identified other significant economic challenges expected in the coming months. High overhead costs, delayed payments from clients, and fluctuating revenue were among the top issues. 

Despite these challenges, small businesses remain optimistic. Sixty-five percent of small business owners feel confident they could cover their operating expenses for a month using their cash reserves if an unexpected need arose. Walters praised the resilience of small business owners, attributing their confidence to years of managing financial uncertainty. "Their resilience is a testament to years of weathering financial uncertainty, and with their confidence remaining strong, they’re able to power through the last leg of inflation and keep themselves on track for economic growth," he said. 

The survey underscores the critical need for small businesses to adopt comprehensive security measures to protect against fraud and other cyber threats. Implementing robust cybersecurity practices can help mitigate risks and ensure the continued growth and stability of small businesses in an increasingly digital economy. The findings indicate that small businesses must prioritize cybersecurity to safeguard against the growing threats of fraud and cybercrime. By adopting advanced security measures and maintaining vigilance, these businesses can better protect their operations and maintain the trust of their customers.

Countering Financial Data Leak in the Era of Digital Payments

 

Over the past five years, there has been a huge surge in the usage of financial services technologies and with that, the risk of a financial data breach has also increased. Multiple financial services technologies use screen scraping to access the private banking data of consumers.

 Screen scraping is a technology by which a customer provides its banking app login credentials to a third-party provider (TTP). The TTP then sends a software robot to the bank’s app or website to log in on behalf of the user and access data.

“The way consumers traditionally connect to their bank accounts is facilitated through screen scraping, where providers require internet banking login information,” explained Joe Pettersson, Chief Technology Officer at Banked. 

One safer alternative to screen scraping is APIs, which let two systems work together. Here are the three benefits of using API: 

Easier for developers 

APIs come with inbuilt documentation, which helps developers code between two systems with a common language. So, they don’t have to learn the details of a full fraud prevention engine’s code, they only need to look at the documentation to understand exactly how quickly they can access certain functions. Once again, this saves time and effort for the whole IT team and helps in making the fraud system more cost-effective. 

Good for Scaling

 Regardless of how efficient a person is, there’s simply no way to review all the user data manually. This is where APIs play an important role by offering fast queries and responses for hundreds of thousands of user logins, transactions, or signups. 

Automates everything 

Because APIs are linked to web apps, there’s no need to regularly tweak them or wait for IT updates. All the fixes and improvements are made from the server side, so individuals can focus on their business instead. It’s not only cheaper in terms of IT resources, but also much more efficient and faster.

Conclusion 

To mitigate fraud risk, propagating knowledge and awareness of new payment technologies, channels, and products, and the risks involved — to both customers and employees — is a crucial part of a fraud prevention strategy. Embedding the fraud management process into overall customer engagement and experience should be the first step forward.