Security News > 2021 > November > Banking malware threats are increasing sharply

Banking malware threats are sharply increasing as cybercriminals target the rising popularity of mobile banking on smartphones, with plots aimed at stealing personal banking credentials and credit card information, a Nokia report reveals.

The report, based on data aggregated from network traffic monitored on more than 200 million devices globally, showed an 80%, year-on-year increase in the first half of the year in the number of new banking trojans, which also try to steal SMS messages containing one-time passwords.

Banking malware threats targeting mainly Android phones.

Banking malware has been targeted mainly at Android phones, for years the most targeted mobile device type for cybercriminals due to Android's ubiquity and developer openness, with some banking trojans among the most successful malware attacks in 2021.

The report says that most banking applications allow users to add a multi-factor authentication feature to their accounts to make it more difficult for cybercriminals to obtain personal information.

Kevin McNamee, Director of Nokia's Threat Intelligence Center, said: "Cybersecurity threats only evolve and look for new opportunities, as shown by this year's report. Banking trojans have dramatically increased over the last year as digital banking becomes more prevalent - and this is a trend we see continuing into the future which reinforces the need for better online practices and having robust endpoint security in place."

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