Phishing attacks are commonly used vectors in financial services organizations. Since phishing attacks are simple to launch and very effective, they can be a huge challenge for financial firms to protect their networks and secure customer-facing apps. When talking about mobile phishing, it compromises traditional perimeter defenses such as secure email gateways by targeting users via personal email, SMS, and social media apps. These attacks are targeted to exploit human trust by using phishing messages on social networks. For instance, a user would tend to click on a message about a friend affected by COVID-19 as a natural instinct. An attacker can check account balances, transfer money into another account, and then disappear. This is only possible if a cyber attacker infects a mobile device, he can use the user credentials to access a network and the sensitive digital resources that are important to the operations of financial organizations. Thus, they need to address phishing attacks with Artificial Intelligence (AI) by hiring a penetration testing company.
Phishing Attacks Move to Mobile
Users rely on their mobile devices and a breach of their trusted banking app is a violation of their personal privacy. As a result, it may also affect the confidence they have in their financial institution to protect their information. Mobile user traffic has increased the desktop user traffic and the gap increases. Attackers have kept a close eye on this trend and get higher returns on investment by phishing mobile devices. It becomes more challenging for consumers and employees to identify a phishing attack in similar ways they would on a laptop or desktop computer. Attackers are aware of this and use specific mobile phishing techniques such as URL paddling to escalate the attack.
Financial Services Embrace Bring Your Own Device (BYOD)
Another major shift in security is the adoption of personal devices for work. Typically, financial organizations invest heavily in security solutions including email gateways, inbox scanning, and end-user training to protect against Business Email Compromise (BEC) attacks. They also require that employees use heavily restricted mobile devices for work. While financial firms are now adopting to Bring Your Own Device (BYOD) mobile strategies. These techniques focus only on email and do not protect mobile devices against phishing attacks that enter through modern messaging such as SMS, Microsoft Instant Messaging, etc.
Combatting Phishing with Artificial Intelligence (AI)
The previous technology of cross-referencing malicious links with an existing dataset of phishing URLs does not work. Attackers also continue to employ rapidly evolve phishing strategies to target the mobile financial services industry. There is an increased need for advanced detection capabilities to match the speed, scale, and dynamic nature of modern cyber attackers. Organizations need to deploy artificial intelligence (AI) to analyze threats in real-time. Mobile phishing attacks pose serious security challenges to financial services organizations. These phishing attacks take place on both work and personal email, SMS, and social media apps. In order to fight back these, AI-powered solutions should be deployed that are loaded with exploit capabilities.