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Attacks
shield.com/blog/5-reasons-why-mobile-apps-are-vulnerable-to-fraud-attacks
All this personal info is a virtual treasure trove for fraudsters. They can sell the account,
make fraudulent transactions and use the Personally identifiable information (PII) to
apply for loans. What’s more, users may also have reward points and travel miles sitting
in their accounts, which can be directly converted to profits for fraudsters.
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Unfortunately, convenient features that create a smoother experience for the end user
often make committing fraud much easier.
FaceApp was a popular app in 2019, with celebrities like Lebron James, Drake and others
using it to share photos of what they may look like when they’re older. Soon after, it was
revealed that FaceApp asked for permissions they didn’t need, for information they didn’t
require. Data obtained in this way is often sold to illicit parties or used directly to break
into an account.
The point is, fraudulent apps are everywhere and fun apps can be surprisingly dangerous
—as fraudsters can access users’ personal data with them none the wiser.
By understanding how fraudsters can exploit apps, businesses are in a much stronger
position to build customer trust and provide a safe online experience for their good users
whilst also saving millions of dollars in fraud losses and capturing even more in potential
revenue. Be aware of how fraudsters exploit mobile apps and use this knowledge to decide
your fraud strategy.
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