The mobile revolution is transforming the way people transact business. It’s estimated that mobile transactions account for nearly 70% of all financial transactions. However, with that, there has been a commensurate increase in the amount of mobile fraud, costing businesses and consumers as much as $25 billion this year. Cybercriminals are keeping pace with the growing sophistication of mobile technology, making mobile fraud detection and prevention more important than ever before.
Here are the most popular ways fraudsters exploit mobile devices:
- Caller ID spoofing: Your caller ID indicates an incoming call from a number or person you recognize, but it is really a fraudster manipulating the telephone network to mimic the number.
- Intercepting text messages: Fraudsters can intercept authentication messages containing one-time passcodes.
- SIM cloning: Fraudsters use malware to access your SIM card to impersonate you on a network and obtain all incoming communication.
- Downloading rogue apps: On Cyber Monday, more than 500,000 rogue apps designed to impersonate a legitimate retail brand or bank or deliver a mechanism for malware were downloaded from a popular app store.
As a mobile user, there is nothing you can do to stop the relentless assaults of cybercriminals except to be vigilant and careful when using your mobile device.
- Keep your operating system up to date.
- Never access public Wi-Fi
- Use a password encryption app to prevent your passwords from being stolen
- Only download apps you can verify as legitimate
- Don’t believe your caller ID
- Use a passcode instead of facial recognition or fingerprint for unlocking your phone
- Keep your mobile device secure at all times