Amongst 2019 and 2020, mobile phishing exposures increased between financial services and insurance organizations. Cyber attackers target phones, tablets, and Chromebooks purposefully in order to enhance their chance of discovering a susceptible point of entry.

According to a recent Lookout research team study published on May 6, a successful phishing or mobile ransomware assault may provide attackers with access to proprietary market research, customer financials, investment plans, and liquid assets.

The Threat Report for Financial Services showed that over half of all phishing trials attempted to obtain corporate login credentials. Other results reveal that over 20% of mobile banking consumers have a trojanized application on their devices when they attempt to register for their mobile account.

Despite a 50% rise in MDM from 2019 to 2020, typical quarterly phishing exposure grew by 125 percent. Exposure to malware and app danger surged by more than 400 percent.

Seven months after iOS 14 and Android 11 were releases, 21 percent of iOS devices still had iOS 13 or older, while 32 percent of Android devices still had Android 9 or older. The delay in upgrading their mobile devices gives a window of opportunity for a threatening player to get access to the infrastructure of a business and rob data, the research says.

“Malicious software deployed through socially designed phishing operations will always be a problem for security teams. Attackers are aware that users may connect to and create trust through personal channels, such as SMS, third-party messaging platforms, social networking, and even social dating applications “TechNewsWorld was informed by Hank Schless, senior manager for security solutions at Lookout.

More mobile users, more security risks

This digital environment has exposed both companies and consumer data to new threats since data are now sent to where it is required. The financial services sector is intensifying its digital transformation.

Prior to the pandemic, the financial sector had a 71% rise in mobile applications in 2019, when firms were obliged to use cloud services and mobile devices. Tablets, Chromebooks, and smartphones are vital elements in the functioning of financial organizations.


Common mobile users include workers who work at home or consumers who manage their accounts using an app. Due to Chromebook’s phenomenal development as one of the major mobile device buyouts for education and business in the last 18 months, this is an important coal mine canary.

Although many companies have resorted to MDM to remain in control, it is not enough. Device management does not protect it against sophisticated mobile attacks, Lookout stressed in its research.

When staff was compelled to work almost overnight remotely, they had to resort to their smartphones and tablets to remain productive. Attackers observed this transition and began to target people intensively with malware and phishing attempts for mobile applications, Schless added.

“This transformation throughout the night also caused security and IT departments to adjust their plans and practices abruptly. Security teams raised the bandwidth of their corporate VPNs and rolled out MDMs to additional mobile users to ensure control over mobile access to corporate infrastructure “He added that.

Slightly futile efforts

Although mobile device management was turned to, there was still a considerable surge in mobile threat exposure, stated Schless.

“This demonstrates that MDM should only be utilized in device manager and not in device security. These solutions cannot guard gadgets like mobile phones from cyber attacks “He added. He stated.

Financial businesses must adopt current security technologies and tactics to keep the gadgets used by staff and clients safe, competitive, and relevant, as researchers called Lookout.

Lookout showed that the 125% spike in mobile phishing’s average quarterly exposure rate was much greater than other industries. The first problem is that mobile devices cannot be secured by MDMs. VPNs do not additionally verify if there are risks to the device before it may access Schless’s corporate resources and infrastructure.

“Attackers became clever very fast. They created malware and phishing campaigns that could easily escape MDM systems’ basic management settings. That is why we have seen a rise in mobile threat exposures despite the increased use of MDM by organizations, “He said. He added.

The only way to fight against these assaults is by implementing a really integrated endpoint-to-cloud security solution. This solution may check the device’s risk position and users to make sure the infrastructure is not accessible to malware or unauthorized users.

Business Must Safety Act

In order to avoid fraud and take over, financial institutions and other companies need to evaluate how they can safeguard their consumers’ mobile app experience, the researchers advise. Safety must be built from the ground up when creating consumer apps.

Mobile security features may be offered to clients natively without requiring them to install extra software by incorporating services into mobile app development.

“Cyber thieves have the possibility to pursue both staff and consumers as a target of financial services. This implies that security teams must cover an unusually wide range of threats. It is thus never surprising that financial services are one of the most targeted businesses, “Lookout’s Schless stated.

Why Catch Phishing Victims

Phishing emails often include personal information and are quite genuine. Joseph Carson, chief security scientist and advisory CISO at the ThycoticCentrify, often seemed as a genuine service from a renowned provider.

“Phishing emails are nearly usually an urgent communication from a government which demands immediate action to prevent further problems, late charge and so on, such as clicking on a link or opening an attached file. Usually, these emails include many links — some of them are authentic to mask the one malicious link amongst them “TechNewsWorld informed him.

Spear-phishing emails are intended for you directly, claiming to be a person you know and trust like a friend, colleague, or employer. These emails are equipped with a hyperlink or attachment, such as a PDF, Word, Excel, or PowerPoint presentation.

The most often committed spear-phishing assaults seem to originate from the management team or someone in charge who requires you to take a major step – either open an attachment or, in some circumstances, send money to an email link, said, Carson.

Attempts to Spot Attack

Limit what you publish on social media, and allow your Facebook, Twitter, or other social account privacy and security settings, as advised by Carson in terms of safety requirements.

“Do not accept requests from a ‘friend’ unless you know him well,” he warned.

Just like with recognized spam, classify your senders of suspected phishing emails as garbage or spam. If they show straight in your work email, notify them immediately to your IT security department.

Another security approach is to never send a phishing email. Make sure you take simple actions to secure your devices and check your system and virus e-mails.

“Extraordinarily high mobile data and internet use might show that a device has been exploited and data is retrieved and stolen. Take a look at your monthly trends, normally accessible via your Online service provider or home router, for both downloads and uploads to track your monthly internet activity “He said. He said.

Usually, you may establish limitations that alert you to suspicious amounts. When these alerts are activated, check your use levels immediately.



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