Financially motivated cybercriminals are expert analysts of emerging tech trends. They’re often the first to spot and adapt to changing patterns of device usage, web browsing, and other key identifiers of our ever-evolving relationship with technology.
Once it’s guaranteed that there’ll be a captive user base to make money from, the bad guys turn their attention towards ensuring there are plenty of security gaps to exploit. This logic informed the spam epidemic of the late ’90s and 2000s, modern malvertising and ransomware campaigns, and mobile malware.
As mobile banking gets increasingly popular, the cybercriminals are now turning their attention in this new direction, with dollar signs in their eyes. That’s why the latest version of Trend Micro™ Mobile Security has a new Billing Security feature designed to filter out fake banking apps that are designed to steal your money.
Following the crowd
All over the world, financial institutions are finding that the Mobile Internet Age can help them overcome the twin challenges of closer engagement with their customers and cost reduction. So while brick-and-mortar stores are closing, the focus has been switched towards providing online banking services and smartphone apps.
It seems to be working as a fast, easy and relatively secure way of checking balances, paying bills and conducting other basic banking tasks. In the US, some reports claim that a shade over half of the adult smartphone-owning population now use mobile banking.
But guess what? Here come the bad guys. Once again they’ve spotted the emerging tech trend and have focused their efforts on the platform with both the most users and potential security holes – Android.
The Android malware problem is well documented. By the end of March 2015, our very own TrendLabs had found a record 5.4 million Android threats. Many of these come in the form of malware hidden inside legitimate looking applications, which have either snuck onto the Google Play store, been uploaded onto a third party app platforms, or even sent via text messages.
Well, when it comes to mobile banking, Trend Micro has found that there’s now one malicious or potentially unwanted app out there for every two legitimate applications. That’s not a good ratio for Android smartphone users. As with other malware, the gangs behind it are often highly organized.
Trend Micro uncovered one such operating from China dubbed the Yanbian Gang. They created fake versions of five South Korean banking apps and other popular Android apps in order to steal info and credentials. Some 4,000 South Korean Android mobile banking customers were affected in 2013 and 2014.
Trend Micro Mobile Security
Thankfully help is available. The latest edition of Trend Micro™ Mobile Security for Android features a new extra layer of protection against fake banking and other financial apps that try to steal your money by tricking you into thinking they’re legit.
The Billing Security feature is available on both the free and premium versions of the Android app. It can be downloaded as part of the Trend Micro™ Maximum Security 10 and Trend Micro™ Premium Security 10.
Trend Micro mobile security products also feature a variety of innovative, new enhancements designed to improve the security of mobile users everywhere. These include a new app manager to increase device performance and capacity, and – for the iOS version – a new data usage widget.
It’s already been praised by NSS Labs, who gave it an average block rate for malware of 99% – the highest of any company tested – and of 100% for socially engineered malware.
So don’t become another statistic. Find out today how Trend Micro Mobile Security can keep your smartphone, your money, and your data safe from harm.
Download Trend Micro Mobile Security now: