In RSA Security’s latest quarterly fraud report, researchers at the firm found that fraudulent transactions that originate from a mobile app rose more than 600 percent during the most recent quarter since the level of fraud in 2015.
RSA said the explosion of incidents is driven by shoppers who use mobile e-commerce apps and want fast, two-day shipping.
“Apps are the new fraud playground,” a company spokesperson said. “The proportion of fraudulent transactions carried out on a mobile app has jumped from just 5 percent [of total incidents] in 2015 to 39 percent in the first quarter of 2018.”
Other findings of the report include a decline in transactions generated from a desktop computer. “The use of traditional web browsers for fraudulent transactions is on the decline, dropping from 62 to 35 percent since 2015,” the company said.
RSA also said phishing as a percent of all online fraud tactics remained the number one by type of attack and accounted for 48 percent of all fraud cases in the first quarter of this year. “Canada, the United States, India and Brazil were the countries most targeted by phishing,” said authors of the report adding that financial trojan horse malware “accounted for one out of every four fraud attacks observed by RSA in [the first quarter].”
Meanwhile, social media as a gateway to fraudulent attacks continued to play a key role. “Over the last decade, social media platforms have grown to become an integral part of not just our daily private lives but also our public lives,” RSA said in the report. “For credit card fraudsters, or carders, social media platforms provide the scalability, anonymity and reach necessary for them to peddle stolen goods in their virtual storefronts.”
Experts at the firm said in the report that there are several reasons why criminals are attracted to social media, which includes that the “mass communicative properties of these networking programs bridge physical divides and distances to allow seamless sharing of ideas and information.”