As per the report, Phishing attack is calculated by 29 percent of total cyber frauds in the first quarter of the year 2019 and after US, India is ranking number 2 position for hosting attacks using phishing methods.
Phishing is a type of attack used to grab sensitive and confidential informations such as banking details, login credentials, credit card details by creating and sending a lookalike email with image and link which resembles similar to the official original webpage, where humans can easily be tricked and enter their confidential information and get into the trap of attackers.
Attacks on financial market using malwares through web and apps are gradually increasing day to day. It has been increased to 56 percent from Q4 2018 to Q1 of 2019.
CNP (Card Not Present) frauds have a rapid increase to 17 percent and 56 percent through mobile networks. Card Not Present is the type of credit card scam where transactions occur without the physical presence of credit card, which means transactions happened either online or via phone.
According to RSA, a cyber security firm: “All phishing usages are increased to minimum of 1 percent per each quarter, compared to all the cyber fraud attacks. Phishing has been decreased due to malware attacks from many potential mobile apps circulating on the web.”
Due to increase in smartphones, Fraudsters have been targeting mobile users and has been rapid increase on malware attacks by using mobile applications. There is been noticed a 3 times increase in attacks using mobile apps in 1st Quarter of 2019 when compared to previous quarter.
Recovery of over 14.2 Million users compromised credit cards occurred in Q1, means a 33 percent from the previous quarter by RSA firm. $1,000 is the approximate value of fraudulent transactions in financial segment through the mobile channel.
Due to the increase in security and regular bug fixes on web and mobile browsers, the fraud rate has come down from 49 percent last quarter to 43 percent current quarter, whereas there has been 29 percent increase in frauds from mobile apps due to the installations of apps from third parties.