FB pixel

Washington is worried that COVID-19 will infect mobile banking via cybercrime

Washington is worried that COVID-19 will infect mobile banking via cybercrime
 

The FBI has issued an alert saying that agents anticipate mobile banking exploits attacking businesses and consumers. Agency officials are advising industries and consumers to adopt two-factor authentication, including biometric measures.

The alert (I-061020-PSA) is a warning and does not mention specific crimes that the federal government might be investigating or that agents have learned about.

Economic disruptions and personal worries resulting from the COVID-19 pandemic are creating an environment that criminals can take advantage of, according to the alert.

The FBI, citing research by unnamed “US financial technology providers”, and not named financial institutions, says that about 35 percent of people in the United States plan to conduct “banking activities” online. One in five, according to the report, will visit bank branches less often.

If those statistics are not fuzzy enough, the FBI alert says: “Studies of US financial data indicate a 50 percent surge in mobile banking” this year.

On somewhat firmer ground, agency officials said that more than 75 percent of Americans used mobile banking “in some form” last year. Those newer to online banking will be more susceptible to attacks including fraudulent banking apps and application-based banking trojans.

Citing unattributed industry numbers, the FBI says almost 65,000 fake banking apps were spotted on application stores last year, a tactic that is “one of the fastest growing sectors of smartphone-based fraud.”

The alert offers tips to avoid becoming a victim including boilerplate wisdom about conducting good password hygiene and demonstrating healthy link skepticism.

However, officials also urged adoption of two-factor authentication “if possible via biometrics, hardware tokens, or authentication apps.”

A statement released by OneSpan, a digital security vendor, applauded the FBI recommending biometrics for online protection. It panned the use of “known-to-be-vulnerable” SMS codes sent to authenticate identities.

Article Topics

 |   |   |   |   |   |   |   |   | 

Latest Biometrics News

 

As retailers turn to biometrics to reduce theft, costs of poor implementation loom

Demand for biometrics to reduce retail crime continues to rise, but the risk of flawed deployments of the technology are…

 

Socure announces faster biometric IDV, deepfake and synthetic identity fraud detection

Identity verification provider Socure has announced the launch of its next generation DocV, now including enhanced deepfake selfie biometrics detection…

 

Rights group criticize EU AI Act for inadequate protections against potential abuse

The EU’s AI Act is done, and no one is happy. Having been adopted by the European Parliament in March…

 

Kids Code bills prompt epic showdown between regulators, activists and big tech firms

The latest craze sweeping the United States – legislation to protect kids’ data and overall online safety – has its…

 

UK’s £54M welfare fraud case illustrates need for biometric identity verification

A team of fraudsters has been convicted for what was described as “the largest case of benefit fraud in England…

 

Intellicheck, OneID tout banks’ unique position to cut fraud as digital ID enablers

Banks could play a significantly larger role in protecting consumers, businesses and payment systems from fraud, Intellicheck CEO Bryan Lewis…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read From This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events