Dubai, UAE – Middle East, Turkey, and Africa (META) region ranks among the top three regions most prone to mobile financial scams, a recent report by cybersecurity firm Kaspersky has revealed.
The study indicates that 14 percent of installations of potentially unwanted mobile financial apps on Android phones were made by users in META, placing the region behind only the Asia-Pacific (APAC) and Latin America (LATAM) regions in terms of the number of such app installs.
The prevalence of Android operating systems in the META region further amplifies the cybersecurity risks, as Android holds a dominant market share of 78 percent in the Middle East, 80 percent in Africa, and 70 percent in Turkey. With cyber threats continuously evolving, the report highlights the persistent nature of threats faced by users of this mobile operating system.
The fraudulent mobile financial apps in question masquerade as legitimate microlending services, luring unsuspecting users into their trap. However, these apps were found to engage in scams and illicitly collect personal data from users’ smartphones. To avail of a loan, users are required to grant access to their text messages, contacts, and photos, videos, unknowingly providing the app operators with sensitive information.
In the event of a delayed debt payment, the app operators resort to blackmail and coercion tactics by leveraging the personal data collected from the user’s smartphone. For instance, they may dispatch information about the user’s debt to all of their contacts, accompanied by photos sourced from the user’s gallery. This form of malicious exploitation puts users at significant risk, both financially and in terms of their privacy.
Igor Golovin, a Malware Analyst at Kaspersky, highlighted the evolving threat landscape, with mobile financial cyber threats becoming increasingly sophisticated and pervasive. Golovin emphasized the importance of cautious app downloading, even from official stores like Apple App Store, Google Play, or Amazon Appstore. While apps from these stores undergo some filtration and moderation processes, they can still request access to personal data that may be misused.
Kaspersky has provided a set of recommendations to protect oneself from mobile threats:
Download apps exclusively from official stores, and consider user reviews for insights into an app’s functionality and potential risks.
Carefully review the permissions requested by apps, especially high-risk permissions like Accessibility Services.
Employ a reliable security solution that can detect malicious apps and adware before they can cause harm. Kaspersky’s consumer products are cited as an example, which can be obtained directly from mobile operators.
Regularly update the operating system and essential apps to ensure the latest security patches are applied.
Kaspersky has called upon the mobile industry to prioritize cybersecurity at all levels and provide tailored services to enhance user security.
