As mobile banking becomes a staple in our everyday lives, it also attracts more cybercriminals targeting our personal data. According to Kaspersky’s latest research, banking and data theft via mobile devices have seen a startling rise. In 2024 alone, Trojan Banker attacks targeting Android phones tripled, with over a million incidents reported. 

Brandon Miller, a tech expert from Kaspersky, joined HOT Business with Jeremy Maggs and MoneyWeb to discuss the alarming trend and share tips on how we can protect ourselves.  

Miller explained that cybercriminals are increasingly using a “mass distribution” approach, targeting as many people as possible with malicious software, rather than focusing on specific individuals. “The more food you put out, the more animals you’ll receive,” Miller said, emphasizing the scale of these attacks. 

How to Stay Safe While Using Mobile Banking 

The Trojan Banker malware is designed to steal sensitive financial information, including online banking and credit card details. “Every keystroke you make on your phone is being captured,” Miller warned. Cybercriminals use this information to either steal money or sell it to the highest bidder. 

So how can we stay safe? Miller offered practical advice: “Make sure you download apps from official stores like Google Play and always verify suspicious links. Also, keep your apps updated to ensure any security gaps are closed.” 

When asked about regional threats, Miller highlighted that mobile users in Africa and the Middle East are especially vulnerable due to a higher reliance on smartphones over laptops. “Trust, but verify,” he advised, recommending that users always confirm suspicious communications directly with their bank or service provider. 

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Final Thoughts 

Users are increasingly being targeted by dangers as mobile banking grows in popularity. Your first line of defence against cybercriminals is to remain informed and alert. You may better secure your financial and personal information by heeding professional advice, such as updating your apps, avoiding suspicious links and only downloading programs from authorised sources. 

For more insights on protecting yourself from these growing threats, listen to the full interview on Hot Business with Brandon Miller.