Comments On 300% Increase In Mobile Fraud

A new RSA report reveals that fraud attacks from mobile apps increased 300% in just the first quarter of this year.  

Expert comments:  

Don Duncan, Security Engineer at NuData Security: 

“Retail mobile eCommerce sales in the U.S. is expected to reach $338 billion by 2020 according to Statistica. Combine smaller screens with more people hurrying to shop with their smartphones and it adds up to cybercriminal’s dream. It is harder for users to detect a fake website or link on a smartphone or tablet and once their personal information is intercepted, their accounts and online identities are at risk.”   

“A change in tactics is needed for both consumer and business accounts to remain safe. With this increase on attacks through fake mobile apps, companies need to include layers of security that can see beyond the potentially stolen data. Chasing these fake app is hard because bad actors are just as fast at creating new fake apps. This is why building a holistic risk-based authentication infrastructure for user verification – rather than chasing fake apps – is proving effective in blocking bad actors with credentials they stole from their ruses. For this, many companies are combining different layers such as device, connection, and passive biometrics powering a dynamic and intelligent authentication system. This security at login or account creation allows organizations to prevent account takeovers or fake new accounts with the data stolen during their phishing schemes.”