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
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
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
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