Banking and smartphone security are under serious threat in 2024, as cybercriminals increasingly target mobile banking users. According to Kaspersky, a leading cybersecurity group, Trojan banker attacks on smartphones increased by 196% in 2024 compared to the previous year
The organization claimed that cybercriminals were “shifting tactics, relying on mass malware distribution to steal banking credentials” in their research titled “The mobile malware threat landscape in 2024.”
According to the research, “Kaspersky detected over 33.3 million attacks on smartphone users worldwide over the past year, involving various types of malware and unwanted software.”
Furthermore, it reported that there were 1,242,000 Trojan banker attacks on Android cellphones in 2024, up from 420,000 in 2023.
The research states that trojan banker software is made to steal user credentials for credit card systems, online banking, and e-payment services.
It also stated that Trojan bankers are exploited to fool victims into downloading them by sending them to malicious websites and via links in SMS or messaging apps, as well as attachments in messengers.
The research pointed out that cybercriminals “can even send messages from a hacked contact’s account, making the fraud appear more trustworthy.” “In order to create a sense of urgency and lower victims’ guard, attackers frequently take advantage of trending news and hype topics to deceive users.”
“Scammers have begun to reduce their efforts to develop original malware packages, concentrating instead on spreading the same files to as many victims as possible,” said Anton Kivva, a security specialist at Kaspersky.
No one is totally safe from well-crafted scams and psychological traps intended to steal banking data, so it is more crucial than ever to be cyberliterate and educate your loved ones, from young children to the elderly, he continued.
According to a survey, Trojan bankers rank fourth in terms of the percentage of users who are targeted, while being the malware category with the quickest rate of growth.
AdWare continues to be the most common type, making up 57% of infected users, followed by generic Trojans (25%), and RiskTools (12%), the report stated.
An average of 2.8 million malware, adware, and undesired software attacks were launched on mobile devices monthly by cybercriminals in 2024. Kaspersky products prevented 33.3 million attacks in a year.
A “multi-faceted approach to cybersecurity” is necessary in light of the concerning increase in mobile banking malware assaults, according to Shahzad Shahid, a policy advocate and authority on Pakistan’s IT and digital economy.
He pointed out that the first lines of defense were awareness and education.
He stated that the government should “play a proactive role by integrating cybersecurity education into academic curricula, and ensuring strict regulatory measures for financial institutions and digital service providers.” He also stated that the public needs to be educated on safe digital practices, such as avoiding suspicious links, using multi-factor authentication, and installing security updates on a regular basis.
Downloading programs from official shops is not always risk-free, Kaspersky said.
It advised installing trustworthy security software, such as Kaspersky Premium, which can identify and stop harmful activities in an application, and advised using only links from official websites. “To stay safe, always check app reviews and download numbers when possible,” it stated.
1. How can I prevent smartphone banking data theft?
To protect your mobile banking data, use multi-factor authentication (MFA), avoid phishing links, update banking apps, and install trusted mobile security software to prevent malware attacks.
2. What should I do if my smartphone banking data is stolen?
If you suspect banking data theft, immediately contact your bank, reset passwords, enable MFA, monitor account transactions, and scan your device for mobile banking malware threats.
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