Cyber criminals shift from phishing to rogue apps

Reported by: |Updated: July 3, 2019

Security firm RSA in its report on global fraud trends during the first quarter of 2019, found that phishing accounted for 29% of all fraud attacks. The highlights of the reports have been published in Banking Frontiers. The report says while overall phishing volume increased less than 1% quarter over quarter, in terms of overall fraud attacks, phishing decreased sharply due to the exponential growth of attacks from rogue mobile apps. “Fraud attacks from rogue mobile applications increased 300%, from 10,390 rogue apps in Q4 to 41,313 in Q1,” the report said.

The report mentioned that during the period, fraud attacks introducing financial malware increased 56%, from 6603 in Q4 to 10,331 in Q1 and card-not-present (CNP) fraud transactions increased 17%, and 56% of those originated from the mobile channel. The average value of a CNP fraud transaction in the US was $403, nearly double that of an average genuine transaction of $213. RSA recovered over 14.2 million unique compromised cards in Q1, a 33% increase from the previous quarter.

The report said mobile browsers and applications accounted for 56% of overall transactions, representing no change in channel distribution from the previous quarter. The overall number of fraudulent financial transactions reported decreased 25%, with 72% originating in the mobile channel. Fraud from mobile browsers decreased slightly from 49% last quarter to 43%, while fraud from mobile apps increased slightly from 21% to 29%. The average value of a fraudulent financial transaction in the mobile channel was $1058