Mobile app fraud skyrocketing - RSA Security report

Mobile app fraud skyrocketing - RSA Security report | Insurance Business Canada

Mobile app fraud skyrocketing - RSA Security report

Fraudulent transactions coming from mobile apps have skyrocketed over the past three years – and Canada sits among the most targeted countries, according to a new report by RSA Security.

In 2015, just 5% of fraudulent transactions originated from mobile apps. The figure now stands at 39% this year, an increase of over 600% in just three years.

In particular, phishing accounted for nearly half (48%) of all cyberattacks. Phishing happens when fraudsters pose as authorities or banks in order to trick victims into handing over private information such as passwords.

Canada, the US, India and Brazil were the countries most targeted by phishing, RSA said, with consumer transactions and fraud continuing to grow in the mobile channel. In the first quarter this year, more than half (55%) of transactions originated in the mobile channel and 65% of fraudulent transactions used a mobile application or browser. 

As organizations look to roll out new services through the mobile channel, RSA Security said it is crucial to take care of data.

“So much attention has been focused on customer experience, perhaps to the detriment of security, allowing cybercriminals to move their activity to less protected channels,” it stated. “With about two out of every three fraudulent transactions originating from a mobile browser or app, mobile fraud poses a very real threat.”

 

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