Kaspersky has released its annual Financial Threats Report for 2023, offering a detailed analysis of the evolving financial cyberthreat landscape.

The report reveals significant increases in mobile banking malware and cryptocurrency-related phishing, signaling growing threats to digital financial assets.

The previous 12-months has witnessed a substantial rise in the number of users encountering mobile banking Trojans, with attacks on Android users surging by 32% – contrary to 2022.

The most prevalent banking trojan was Bian.h, accounting for 22% of all Android attacks. Geographically, Afghanistan, Turkmenistan, and Tajikistan recorded the highest share of users encountering banking Trojans, with Turkiye leading mobile banking malware attacks, with almost 3% of users affected (2.98%).

While the number of users affected by financial PC malware saw an 11% decline in 2023, Ramnit and Zbot were identified as the predominant malware families, targeting more than 50% of affected users. Consumers continued to be the primary target, comprising 61.2% of all attacks.

In 2023, financial phishing remained a significant threat, accounting for 27.32% of all phishing attacks on corporate users and 30.68% on home users. E-shop brands were identified as the top lure, with 41.65% of financial phishing attempts.

Additionally, PayPal phishing represented 54.78% of phishing pages targeting electronic payment system users. The report also highlighted a 16% year-on-year growth in cryptocurrency phishing, with 5.84 million detections in 2023 compared to 5.04 million in 2022.

E-shop phishing was identified as the most prevalent, recording 41.65% of all financial phishing pages. Amazon emerged as the most mimicked online store, accounting for 34% of phishing attempts, followed by Apple at 18.66% and Netflix at 14.71%. PayPal was the most targeted payment system, with 54.73% of attacks.

Cryptocurrency-related phishing and scams continued to grow, with Kaspersky preventing 5,838,499 attempts to follow cryptocurrency-themed phishing links – a 16% increase on 2022. Scammers mimicked cryptocurrency exchanges and offered coins in the name of large enterprises like Apple.

“Money has always been a magnet for cybercriminals, and a substantial portion of malware attacks are financially motivated. The surge in mobile malware witnessed last year highlights a concerning trend in cybercrime.

“With the emergence of new and aggressive malware strains, attackers are evolving their tactics to target mobile devices more aggressively. This underscores the imperative for individuals and businesses to maintain heightened vigilance, update protective measures, and fortify device security accordingly,” commented Igor Golovin, a security expert at Kaspersky.

Integrated System and Devices Limited (ISDL), a major provider of electronic security solutions, is delighted to announce the successful attainment of ISO 14001:2015 and ISO 45001:2018 certifications following a rigorous audit process conducted by Bureau Veritas Certification Holdings SAS-UK Branch.

In 2021, ISDL bagged the Quality management systems ISO 9001:2015, and now in 2024, with unwavering dedication to customer satisfaction, the occupational Health and Safety system ISO 45001:2018 and the Environmental management system ISO 14001:2015 have been consolidated to form an Integrated Management System.

These certifications, covering ISDL’s headquarters and branches, signify the company’s unwavering commitment to upholding the highest standards of quality management across all facets of its operations.

According to Oluseun Mabogunje, managing director of ISDL, the scope of the certifications encompasses the design, procurement, supply, installation, integration, maintenance, and after-sales support of various electronic security and Extra Low Voltage (ELV) equipment.

Mabogunje expressed his elation at receiving the IMS certifications, emphasizing ISDL’s dedication to delivering exceptional quality and service to its clientele. He emphasized that this achievement underscores the company’s ongoing pursuit of continuous improvement and customer satisfaction.

Cybervergent, a foremost technology company providing automated cybersecurity solutions, in its Quarterly Brief has revealed a troubling trend in the financial sector that shows a spike in attacks utilising the deceptive Remote Control and Surveillance Access Trojan (Remcos RAT) in Q1, 2024.

The findings affirm a stark forewarning to the financial institutions and organisations in the African continent, urging heightened vigilance and proactive measures to mitigate potential escalating risks.

Previously marketed as a legitimate software, Remcos got co-opted by malicious actors and is now a prevalent tool in cybercrime campaigns. This remote access tool grants attackers hidden entry into victims’ devices, allowing them to seize control, pilfer sensitive data, and even introduce stealth backdoors to compromise entire systems. The capabilities of Remcos are diverse and frightening, ranging from disabling vital security features like User Account Control (UAC) to covertly recording user activities.

“As vigilant cybersecurity gatekeepers, we have observed a significant surge in attacks leveraging the Remcos RAT malware,” said Gbolabo Awelewa, the Chief Solutions Officer, Cybervergent. “Financial institutions are particularly targeted due to the sensitive nature of their data and assets. Organisations must remain diligent and adopt proactive monitoring measures to safeguard against such threats.”

The proactive approach adopted by Cybervergent’s Cyber Operations Centre involves meticulous analysis of attacker tactics, constant updating of threat intelligence, and implementing robust endpoint security solutions. These measures are designed to detect, prevent, and neutralise Remote Access Trojans like Remcos, ensuring the continued security and compliance of organisations in the face of evolving cyber threats.

“Our mission is to fortify our clients’ defenses and ensure the seamless operation of their organisations,” added Gbolabo. “By staying ahead of emerging attack vectors and vulnerabilities, we empower businesses to take proactive measures and protect their valuable assets.”

Looking ahead, Adetokunbo Omotosho, Chief Executive Officer of Cybervergent emphasised the firm’s focus on empowering organisations to navigate the complexities of cybersecurity and compliance with dexterity and confidence.

“Cybervergent’s Assurance and Compliance Team has demonstrated unparalleled leadership in the cybersecurity domain, achieving significant milestones and delivering transformative solutions. Our journey through Q1 reflects a deep commitment to advancing the state of cybersecurity compliance, paving the way for a secure and resilient digital future for organisations in Africa and across the world”, he added.