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Cybersecurity Threats in Mobile Banking: Zimperium’s 2023 Report | #hacking | #cybersecurity | #infosec | #comptia | #pentest | #ransomware | #hacking | #aihp

The Rising Threat of Cybersecurity in Mobile Banking: Insights from Zimperium’s 2023 Report

According to the 2023 Mobile Banking Heists Report by Zimperium, the rise of mobile banking apps has opened a Pandora’s box of vulnerabilities, with cybercriminals exploiting these gaps through increasingly intricate malware. The study, which examined 24,000 unique malware samples, discovered 29 malware families targeting 1,800 mobile banking apps. The report’s findings indicate that approximately 9% of the surveyed mobile devices were infected, with banking trojans affecting 20% of the infected devices. It is worth noting that these malware now frequently include capabilities such as keylogging, screen overlays, and SMS stealing, and a vast majority of banking apps are inadequately protected against reverse engineering and tampering.

Emerging Threats

The report further highlights a new breed of malware capabilities that include evading security, avoiding detection, and credential theft. The study underscores Malware as a Service (MaaS), the Automated Transfer System (ATS) technique, Telephone Oriented Attack Delivery (TOAD), and screen sharing abuse as emerging threats. To combat these threats, the report recommends financial institutions to adopt advanced code protection techniques and to elevate their security posture to match the sophistication of the threats.

The Impact of Ransomware and Other Attacks

The report indicates that ransomware, which was present in 59% of financially motivated incidents, is likely to target consumers next. As a result, banks may face higher operational costs, reduced consumer confidence, and potential brand damage. Furthermore, consumers could experience financial losses and the long-term risks of identity theft. Despite the imminent threats, Zimperium’s report only provides three recommendations that may already be familiar to many security operations centers and IT teams.

ATM Scams and Defense Strategies

Alongside mobile banking issues, ATM jackpotting scams have also evolved in 2023. The report highlights two new types of ATM scams, namely the FiXs ATM malware attack and a combination of shimming and relay attack. To detect these attacks and automate remediation, the report suggests intelligent automation and machine learning. Despite the potential of artificial intelligence in defense, the deployment of current AI has led to ATM malfunctions and outages. Hence, a zero-trust strategy and robust network security policies are deemed essential for securing ATMs and ASSTs.

The Future of Cybersecurity in Banking

As the payments sector grows rapidly with investments from traditional banks, policymakers, merchants, and fintechs, cybercriminals are also sharpening their claws. With mobile banking, digital wallets, and the intertwining of digital payments and cryptocurrency becoming mainstream, the space is ripe for both innovation and cybersecurity threats. As digital payments become more ubiquitous and new offerings like digital lending and securities trading proliferate, the cybersecurity challenges for the payment stakeholders will undoubtedly continue to grow.

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