#Privacy: Phishing continues to be the biggest source of fraud

In the latest Quarterly Fraud Report for Q2 2019 by RSA security, rogue mobile app fraud has soared 191% in 2019. 

The report revealed that global fraud attacks have increased significantly by 63% from 2H 2018 to 1H 2019, with the growing source of malicious activity being fake mobile applications. 

Phishing still remains one of the biggest sources of fraud, with it accounting for 37% of attacks in Q2. 

The top three countries targeted by phishing accounting for 61% of attacks, were Canada, Spain and India. 

Despite phishing being a threat, rogue mobile applications has increased by 191%, with it accounting for 29% of the total attacks in Q2 2019. 

Daniel Cohen, Director of the Fraud and Risk Intelligence Unit at RSA Security commented: “The fact that fraud via fake mobile applications tripled in the first half of 2019 is testament to how perpetrators will constantly seek out weak points. Here, they are exploiting consumers’ growing trust in mobile apps as a means to interact with brands and make purchases.”

The report also discovered an increase in social media attacks (37%) and financial malware (up 80%). 

RSA noted that e-commerce fraud payments originating from a “trusted” account but on a “new” device increased to 80% from 20% of e-commerce fraud. 

“From one-click payment buttons to mobile apps from our favorite retailers, spending our money has never been easier. However, while the growth of digital might be good for our busy schedules, it has also opened up numerous new avenues for fraudsters.”

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