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Increased Use of Mobile Banking Apps Could Lead to Exploitation

As the public increases its use of mobile banking apps, partially due to increased time at home, the FBI anticipates cyber actors will exploit these platforms.

Americans are increasingly using their mobile devices to conduct banking activities such as cashing checks and transferring funds. US financial technology providers estimate more than 75 percent of Americans used mobile banking in some form in 2019.

Studies of US financial data indicate a 50 percent surge in mobile banking since the beginning of 2020. Additionally, studies indicate 36 percent of Americans plan to use mobile tools to conduct banking activities, and 20 percent plan to visit branch locations less often. With city, state, and local governments urging or mandating social distancing, Americans have become more willing to use mobile banking as an alternative to physically visiting branch locations. The FBI expects cyber actors to attempt to exploit new mobile banking customers using a variety of techniques, including app-based banking trojans and fake banking apps.

Click here to continue reading the Federal Bureau of Investigation's June 10, 2020 report.

 

The Federal Bureau of Investigation Public Service Announcement - June 10, 2020.

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