Cybercriminals shift focus to mobile devices, crypto assets: report

LAHORE: Cybercriminals increasingly targeted mobile devices and cryptocurrency assets in 2024 as digital financial transactions continued to expand worldwide.

According to Kaspersky’s latest ‘Financial Cyberthreats’ report, the number of users encountering mobile banking Trojans rose by 3.6 times compared to 2023, while crypto-related phishing attempts surged by 83.4 per cent. Kaspersky’s anti-phishing technologies blocked 10,706,340 attempts to access cryptocurrency-themed phishing links, marking a significant increase from the 5,838,499 detections recorded in 2023. With the growing popularity of cryptocurrencies, these attacks are expected to rise further.

Meanwhile, malware targeting personal computers (PCs) saw a decline in traditional banking attacks but a rise in crypto-asset theft. This trend underscores the shifting priorities of cybercriminals towards emerging digital financial sectors.

Throughout 2024, online fraudsters continued to lure users to phishing and scam websites that mimicked popular brands and financial organisations. Banks remained the most common phishing targets, accounting for 42.6 per cent of financial phishing attempts -- up from 38.5 per cent in 2023. Amazon was the most impersonated online brand, with 33.2 per cent of phishing scams aimed at online shoppers in 2024. Apple’s share of phishing attacks dropped by nearly three percentage points to 15.7 per cent, while Netflix-related scams saw a slight increase to 16 per cent. Besides this, phishing attempts involving the Alibaba marketplace rose from 3.2 per cent in 2023 to 8 per cent in 2024.

Payment systems were impersonated in 19.3 per cent of financial phishing attacks detected and blocked by Kaspersky products in 2024, compared to 19.9 per cent in the previous year. PayPal remained the most frequently targeted brand; however, its share of related attacks dropped from 54.7 per cent to 37.5 per cent. In contrast, phishing attacks targeting Mastercard nearly doubled, rising from 16.6 per cent in 2023 to 30.5 per cent in 2024.

While the number of users encountering mobile banking malware increased, cases of financial PC malware infections fell from 312,453 in 2023 to 199,204 in 2024. Currently, most financial PC malware detected by Kaspersky targets cryptocurrency assets rather than online banking. The most frequently detected banking Trojans in 2024 included ClipBanker (62.9 per cent), Grandoreiro (17.1 per cent), CliptoShuffler (9.5 per cent) and BitStealer (1.3 per cent). Grandoreiro, a sophisticated banking Trojan, targeted 1,700 banks and 276 cryptocurrency wallets across 45 countries and territories in 2024.

The number of users affected by mobile banking Trojans grew 3.6 times compared to 2023, rising from 69,200 to 247,949, with malicious activity increasing significantly in the latter half of the year. The most active Trojan-banker family in 2024 was Mamont, accounting for 36.7 per cent of attacks.

To protect against these threats, Kaspersky advised users to avoid clicking on links in suspicious messages and to verify web pages before entering credentials or banking details. Users should enable multi-factor authentication, create strong and unique passwords, and use reliable security solutions capable of detecting and blocking both malware and phishing attacks.

For businesses, Kaspersky recommended timely software updates, particularly security patches, as well as regular cybersecurity training for employees. Strengthening account protection, implementing strict security policies -- including default deny policies and network segmentation -- and adopting robust monitoring systems can help mitigate risks. Businesses should use trusted threat intelligence services to stay informed about evolving cyber threats and crime trends.