The latest on cybersecurity: Mobile fraud and privacy concerns

September 10, 2019

Read about the latest insights and trends on cybersecurity from prominent experts

 

Even a seemingly harmless face-altering mobile app can create headaches for cybersecurity firms. While companies and consumers continue to manage their personal data, cybercriminals look for new ways to steal that information.

Here are some insights on the latest cybersecurity news, and steps to take in the long-standing fight against cybercrime.

 

Privacy concerns hound popular smartphone app

In July 2019, the face-altering mobile application FaceApp gained renewed attention following use by prominent celebrities. However, some shady language in the app’s terms drew fire from consumer privacy advocates. Alarice Rajagopal, editor of Cyber Security Hub, explains how the app’s origins have caused alarm for privacy concerns:

“While the average consumer may not realize the implications for giving up facial recognition data to an organization based in a country that launched a hacking campaign during the 2016 election, cyber security professionals have been warning of the use of artificial intelligence technology like this for some time.”

 

The cybercrime industry expands in 2018

Even as organizations ramp up efforts to combat cybercrime, the industry experienced massive growth in 2018. According to a report by the Internet Society’s Online Trust Alliance (OTA), cybercrime generated $45 billion in 2018, an increase of several billions from the prior year. Scott Ikeda, technology futurist and writer for CPO Magazine, notes that the amount of damage offset a reduction in incidents.

“The report highlights both positive and negative impacts in 2018. Many of the most common types of attacks – ransomware, data breaches, and DDoS – were actually down in terms of overall count in 2018. But the financial damage done by many attack types was up significantly. Ransomware losses rose by 60% in spite of the downturn in overall incidents, business email compromise losses rose by a staggering 200%, and there were three times as many cryptojacking incidents.”

 

State and local governments feel the pain

With fewer resources and smaller teams than large corporations or federal agencies, state and local governments are increasingly subject to cybercrime attacks. This story from Pymnts.com shows how two small Florida towns dealt with crippling ransomware threats.

“A city spokesperson confirmed earlier this month that the government had voted unanimously to pay the ransom on top of the costs of attempting to fix and replace the computers that were compromised in the cyberattack. Just days later, it happened again: another Florida city, Lake City, confirmed to reporters that it had been compromised by a ransomware attack and agreed to pay the ransom to regain control.”

 

Phishing moves to mobile

While desktop users grow adept at rejecting phishing scams, mobile users still fall victim at higher rates. A recent report from Verizon notes that there are more completed phishing attempts on mobile devices than on desktops or work stations.

“Research shows mobile users are more susceptible to phishing, probably because of their user interfaces and other factors. This is also the case for email-based spear phishing and social media attacks."

 

Read more on the topics of cybersecurity and how to protect your organization from fraud.

Related content

What is CSDR, and how will you be affected?

Evaluating interest rate risk creating risk management strategy

Risk management strategies for foreign exchange hedging

Webinar: CRE technology trends

Avoiding the pitfalls of warehouse lending

The latest on cybersecurity: Mobile fraud and privacy concerns

Cryptocurrency custody 6 frequently asked questions

Insource or outsource? 10 considerations

Third-party vendor risk: protecting your company against cyber threats

Best practices on securing cardholder data

Turn risk into opportunity with supply chain finance

Hospitals face cybersecurity risks in surprising new ways

Authenticating cardholder data reduce e-commerce fraud

Post-pandemic fraud prevention lessons for local governments

Webinar: Robotic process automation

Proactive ways to fight vendor fraud

5 Ways to protect your government agency from payment fraud

Fight the battle against payments fraud

Fraud prevention checklist

Complying with changes in fund regulations

Why Know Your Customer (KYC) — for organizations

The password: Enhancing security and usability

How to improve your business network security

Government agency credit card programs and PCI compliance

Cybersecurity – Protecting client data through industry best practices

Business risk management for owners of small companies

BEC: Recognize a scam

Evaluating interest rate risk creating risk management strategy

Webinar: Approaching international payment strategies in today’s unpredictable markets.

White Castle optimizes payment transactions

Increase working capital with Commercial Card Optimization

Automate accounts payable to optimize revenue and payments

5 winning strategies for managing liquidity in volatile times

The surprising truth about corporate cards

The future of financial leadership: More strategy, fewer spreadsheets

Webinar: CRE Digital Transformation – Balancing Digitization with cybersecurity risk

How to keep your assets safe

Learn to spot and protect yourself from common student scams

7 ways to teach your children to be scam-savvy

Keep your finances safe and secure: Essential tips for preventing check fraud

How to spot an online scam

Money muling 101: Recognizing and avoiding this increasingly common scam

What is financial fraud?

How-to guide: What to do if your identity is stolen

How you can prevent identity theft

Why a mobile banking app is a ‘must have’ for your next vacation

Mobile banking tips for smarter and safer online banking

Disclosures

Start of disclosure content

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, Home Equity and Credit products are offered through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC.