Mobile Fraud Soars as Social Sites Help Scammers

Phishing continues to dominate the fraud landscape, accounting for nearly half of all attacks, but mobile fraud has jumped 650% over the past three years, according to RSA Security.

The security vendor’s Q1 2018 Fraud Report found phishing to account for 48% of all attacks during the quarter, followed by Trojans (24%) and brand abuse 21%).

The report uncovered a decline in use of traditional web browsers to conduct fraud, 62% in 2015 to 35% today, whilst the mobile app’s share of fraudulent transactions has risen from 5% to 39% over the same period.

However, as an attack type, mobile attacks comprised just 6% of the whole, linked to over 8,000 rogue apps in Q1. Some 82% of fraudulent e-commerce transactions spotted by RSA originated from a new device in Q1 2018, indicating the lengths scammers are going to in order to avoid detection.

RSA also confirmed the increasing role of legitimate social networks in unwittingly helping fraudsters to sell their wares.

“Social media provides the perfect control station for cyber-criminals, who can easily create profiles using fake details to operate on the platforms before collaborating with other fraudsters in closed groups, or peddling stolen wares in online marketplaces,” explained RSA Fraud & Risk Intelligence Unit director, Daniel Cohen.

More: https://www.infosecurity-magazine.com/news/mobile-fraud-soars-as-social-sites/

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