The attacks consist of a huge, connected network of mobile device emulators deploying various methods to imitate mobile devices and initiate mobile app transactions with breached log-in details, stealing millions of dollars in days.
Its levels of sophistication are such that it can bypass Google Play protection by initiating a fake notification to coerce the user into disabling the protection, from which point there is a siege of recording, monitoring and interference with security SMS’s, enabling the fraudsters to do their harm.
Credentials are stolen via the fake apps and then used by the attackers to log into the user’s banking app, for example.
Financial institutions have a challenge to defend against this level of mobile banking malware but it is possible with updated authentication and security frameworks, live analysis and monitoring using machine learning.
Join this webinar from Finextra, in association with OneSpan, to hear industry experts discuss the following points and more:
- Which processes, technology and strategies can be used to protect against fraud at this level?
- Where do the greatest vulnerabilities lie?
- How easily can financial institutions address the problem and shore up their defences?
Speakers:
- Jane Cooper - Researcher, Finextra [Moderator]
- Greg Hancell - Director Product Management, Data Strategy, OneSpan
- James Coveney - Head of Data Science, Cashplus
- Dr. Hosam Abou El Dahab - Digital Demand Office Head, ALEXBANK