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Mahesh

29/08/22 21:13 PM IST

CYBER THREAT TO MOBILE BANKING

In News 
  • Global cybersecurity firm Kaspersky warns of an increase in cyberattacks on Android and iOS devices in the Asia Pacific (APAC) region.
Cyber Attacks 
  • 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.
Concerns 
  • The lack of adequate cybersecurity and the dearth of talent in banking (technology, engineering, data and security experts) could potentially lead to a further rise in cyberattacks on user devices.
  • Interoperability compounds problems: Countries are trying to make payments from one platform to other interoperable.
  • China, for instance, has ordered its internet companies to offer their rival firms link and payment services on their platforms
  • India, a new law demands all licensed mobile payment platforms to be capable of providing interoperability between wallets.
Source- The Hindu 

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