Sign In
Learn bits
Science & Tech.
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 

More Related Current Affairs View All

20 Aug

How should toll collection practices be reformed?

'The Public Accounts Committee (PAC) of Parliament has proposed major changes to toll collection on national highways, including a recommendation to end the practice of perpetual t

Read More

20 Aug

China plans to connect the restive Xinjiang to Tibet

'Recently, China established the Xinjiang-Xizang Railway Co Ltd, which state media described as a “significant step in the development of one of China’s most advanced t

Read More

20 Aug

Nominations to UT Assemblies

'The Union Home Ministry informed the J&K High Court that the Lieutenant Governor can nominate five members to the Assembly without ministerial advice, reviving the debate on n

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps