Here’s why the META region is prone to mobile financial scam

Cybersecurity firm Kaspersky said several mobile financial apps in the Middle East, Turkiye and Africa (META) were found to engage in mobile financial scams and collecting personal data from users’ smartphones.

The cybersecurity firm said throughout 2022 and the first quarter of 2023, 14 per cent of installs of potentially unwanted mobile financial apps on Android phones were made by users in the META region. This ranked META third among regions prone to mobile financial scams.

“The threat landscape evolves, and mobile financial cyber threats become more sophisticated and pervasive. While downloading smartphone apps from official app stores is less risky than obtaining them from elsewhere, apps can still request the user to give access to different types of personal data that could then be misused,” said Igor Golovin, malware analyst at Kaspersky.

Cyberthreats for Android users remain prevalent in the META as the operating system holds a dominant market share of 78 per cent in the Middle East, 80 per cent in Africa and 70 per cent in Turkiye.

Kaspersky said the mobile apps request access to text messages, contacts and photos/videos before a loan can be provided. In case the user delays the debt payment, app operators may use the data collected from the smartphone for blackmailing and forcing the user to return the debt, the cybersecurity firm added.

For instance, information can be dispatched to all of the user’s contacts informing them of the user’s debt accompanied by photos from the gallery.

Kaspersky’s cyber defence tips

Kaspersky said it is safer to download your apps only from official stores such as Apple App Store, Google Play or Amazon Appstore. Though mobile apps from these sites are not 100 per cent failsafe, they get checked by the moderators and there is some filtration system – not every app can get onto these stores.

The cybersecurity firm said it is worth reading user reviews of mobile apps to see if there is any negative feedback on their functionality. Users are also recommended to check the permissions of apps that they intend to use and consider the implications before permitting an app to have high-risk permissions such as accessibility services.

A reliable security solution can help you to detect malicious apps and adware before they start behaving badly on your device. Conveniently, you can get protection, such as Kaspersky consumer products, directly from mobile operators.

Update your operating system and important apps as updates become available. Many safety issues can be solved by installing updated versions of software.

Kaspersky calls on the mobile industry to enhance cyber protection at all levels, including security for users, by providing tailored cybersecurity services. The company’s consumer business alliances enable companies to offer their customers complete cybersecurity portfolios by backing them with Kaspersky’s global support and expertise.

Read: Top 12 tips to keep your business safe from cyberattacks