Cyber Threat To Mobile Banking:
The lack of adequate cybersecurity and the dearth of talent in banking could potentially lead to a further rise in cyberattacks on user devices.
- According to a 2020 Statista survey across 25 States in India, two-third respondents said they had a smartphone.
- Of these, half said they sent and received money digitally, and about 31% said they had a mobile app for banking.
- Nearly 14% said they used their mobile phones for banking-related purposes.
- Global cybersecurity firm Kaspersky warns of an increase in cyberattacks on Android and iOS devices in the Asia Pacific (APAC) region.
- One mobile banking trojan, called Anubis, has been targeting Android users since 2017.
- Roaming Mantis is another prolific malware targeting mobile banking users.
- There is push from regulators to make payment platforms interoperable at a time when the demand for technical experts is a serious concern in the banking industry.