The increased use of mobile banking apps due to the COVID-19 pandemic is sure to be followed by an increased prevalence of mobile banking threats: fake banking apps and banking Trojans disguised as those apps, the FBI has warned.
The problem
The pandemic and the resulting social distancing brought about many changes. Among them is a preference for using payment cards and electronic funds transfers instead of cash and an increased use of mobile devices to conduct banking activities.
“Studies of US financial data indicate a 50 percent surge in mobile banking since the beginning of 2020. Additionally, studies indicate 36 percent of Americans plan to use mobile tools to conduct banking activities, and 20 percent plan to visit branch locations less often,” the FBI pointed out.
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