Just over 600 financial apps are being targeted – the report’s one billion figure reflects the total number of downloads for all those apps.
The number of people affected is large: Three out of every four Americans, or about 193 million, use banking apps on a daily basis for simple tasks like checking their balances or transferring assets. They are all at risk for Trojans.
Which Apps to Worry About
Which types of apps are the biggest threat to your mobile security? Payment apps and cryptocurrency, the report indicates.
“The top three mobile financial apps targeted by Trojans focus on mobile payments and alternative asset investments, such as cryptocurrencies and gold,” the report said. “These three apps account for over 200,000,000 downloads globally.”
In other words, the biggest and best targets for malicious actors are apps aimed at the emerging financial sector.
Mobile payments are on the rise, with news items like Apple recently launching its own Buy Now, Pay Later service, only drawing further interest in the space. And if you pay attention to the news, I don’t need to tell you how big cryptocurrencies have been in recent years (even though they’ve been in a steady downtrend recently).
staying safe while banking
One survey found that 48% of today’s teens use mobile devices or websites to manage their money – and that’s a perfectly reasonable way to track your finances. Although banking apps provide the perfect target for the scammers of the world, it is also a huge security risk.
Only download apps you recognize from a location you trust, and even then, be on the lookout for official pop-ups that ask for your login data or take you to a secondary website.
Getting a good VPN can also help, and all of the best options are available on both mobile and desktop. But whatever you do, don’t download any old VPN, as security apps are another potential target. We’ve rounded up the safest options here, and we also link directly to official websites.