One in three smartphone users will encounter malicious banking applications

The results of a global study conducted by Avast network security company and published at MWC 2018 showed that 36% of survey respondents could not tell the difference between a fake bank application and a real application. This means that about 1 in 3 smartphone users are at risk of exposing their financial information to the wrong hands.

One in three smartphone users will encounter malicious banking applications Picture 1

Avast has investigated 40,000 people in 12 countries and legitimate mobile banking applications used in the survey are mostly from global companies targeted by criminals. These banks include Citibank, Wells Fargo, Santander, HSBC, ING, Chase, Bank of Scotland and Sberbank. This study was conducted in countries such as the United States, Britain, France, Germany, Russia, Japan, Mexico, Argentina, Indonesia, the Czech Republic, Brazil and Spain.

43% of survey participants use banks' mobile applications. 30% of them do not use it, stay away from them because they fear that these applications are not secure enough to protect users from fraudulent activities.

58% of respondents confused the official mobile banking application is fake. As we pointed out, 36% of people think fake banking applications are real applications. In the US, only 40% of users think bank apps are fake, but 42% think fake bank applications are real.

Considering that this is a scenario that leads to problems, consumers in the state want to ensure that the banking applications they use are true. Avast said that both Android and iOS users need to be cautious in this regard.

"We are witnessing an increase in the number of malicious applications for Android devices, which can pass security checks on popular app stores and find their way into consumer phones. " - Gagan Singh, of the SVP and GM, Avast said.

However, this is becoming more and more difficult. According to Avast, hackers are increasingly sophisticated in creating mobile-like mobile banking applications. The network security company has discovered a new version of BankBot Trojan on Google Play Store disguised as a flashlight and solitaire game app.

When these applications are installed on smartphones, they create fake coverage on real mobile banking applications, collect account information that users enter into the overlay because it is mistaken for a real application.

Don't be a victim. If you feel there are any abnormalities on your banking application, remove it immediately.

See more:

1. Put your phone down and feel the world around you
2. Using a smartphone before bed can make your child obese
3. What does a smartphone bring to users?