BRITS POS – BRITIS - Investec Private Bank and the Southern African Fraud Prevention Services (SAFPS) have both observed a troubling increase in criminals targeting smartphones to gain access to sensitive data and banking apps.
According to SAFPS spokesperson Manie van Schalkwyk, cellphone thefts have been on the rise, with criminals specifically focusing on exploiting banking apps. These criminals are managing to gain access to bank accounts by using stolen smartphones and the associated banking apps.
Kevin Hogan, the head of fraud risk at Investec Private Bank, also highlighted this issue, emphasising the existence of organised syndicates dedicated to this form of crime.
These syndicates use hacking technology originally developed to assist law enforcement in gaining access to locked phones.
Hogan explained that once the criminal syndicate has possession of the physical phone, they can use hardware to unlock it and access all the data, including banking app passwords.
Additionally, Hogan noted that passwords are often stored on the keychain, a password manager that stores sensitive information like passwords and credit card numbers.
This stealing of mobile phones is one area among a growing trend of targeting smartphones for sensitive information.
Based on the latest Interpol report, South Africa ranks third worldwide in cyber threats, with the highest number of recorded fraudulent cases (59%) in Gauteng, followed by Kwa-Zulu Natal at 18%.
According to cybersecurity company Kaspersky, the number of mobile threats detected in the Middle East, Turkey, and Africa (META) region increased by 22% from 2022 to 2023, with South Africa experiencing a 104% increase.
These statistics are based on Kaspersky’s products on Android devices, as monitoring Apple devices is more challenging due to OS specifications.
However, Kaspersky identified mobile banking trojans as the most prevalent mobile threats.
These trojans are capable of stealing data, adding unwanted subscriptions, and extorting money from victims.
Kaspersky anticipates an increase in advanced attacks on mobile devices, as attackers continue to develop more sophisticated malware and new ways to deliver it.
