Increase in Mobile Banking and Increased Potential Risk of Cyber Fraud via FBI
The FBI reported a 50% surge in mobile banking since the beginning of 2020, likely due to stay-at-home orders, and issued a public service announcement cautioning users on the potential for increased risk of cyber fraud as a result.
App-based banking trojans and fake banking applications were among the variety of techniques the FBI said it expects cyber actors to employ. U.S. security research organizations report that in 2018, nearly 65,000 fake apps were detected on major app stores, making it one of the fastest-growing sectors of smartphone-based fraud, the FBI said.
According to Adam Chaudhary, president of FundingShield, there are two key points that drive risk in terms of digital mortgage and title fraud that make companies and consumers high-value targets: Whenever there is an exchange of data (especially sensitive data) and whenever funds are being transacted.
Within the first two weeks of America’s recent work-from-home environment, FundingShield cited a 62% increase in wire instruction errors, documentation errors, perpetuated fraud attempts, phishing attempts, and requests to fund unauthorized third-party accounts or unrelated accounts to wire instruction.
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