The COVID-19 pandemic has accelerated digital enablement at banks through online and mobile banking. With most countries worldwide now experiencing a second and third wave of the pandemic, leading to limitations on assisted services, banks globally are encouraging customers to register for mobile banking to fulfill their common banking needs. A 2020 mobile banking survey by JD Power shows that 37% of retail banking customers are now using mobile banking more frequently than before. At the same time, security threats to mobile banking apps have increased significantly. Kaspersky’s Q2 2020 statistics on IT threat evolution show that of the 1.2 million+ malicious mobile installers detected, close to 39,000 were related to mobile banking trojans, highlighting the amplification of attacks on mobile banking apps globally. |
