A new security report has revealed a surge in cybercriminal activity targeting smartphones to gain unauthorised access to banking accounts and financial credentials. Criminals are increasingly using sophisticated malware embedded in apps, malicious attachments, and deceptive links to compromise personal and financial data.
Key Takeaways
- Cybercriminals are aggressively targeting smartphones: A massive 196% increase in Trojan banker attacks was recorded in 2024, with criminals using malware-infected apps, phishing links, and fake alerts to steal banking credentials and financial data.
- South African users face growing risks: Fraud tactics such as APP fraud, phishing, smishing, and SIM swap fraud are on the rise, with banks like Standard Bank warning about fake investment schemes and social media scams impersonating financial institutions.
- Stolen smartphones can lead to financial disaster: Criminals are exploiting mobile phone thefts to gain access to banking apps, bypass security features, and drain accounts within minutes. Immediate action—delinking banking apps and cancelling SIM cards—is essential to prevent unauthorised access.
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According to international cybersecurity firm Kaspersky, these evolving fraud tactics were outlined during the Mobile World Congress 2025, highlighting the significant threats mobile users face. With cybercriminals refining their methods at an alarming rate, even tech-savvy individuals are finding themselves vulnerable to these attacks. The scale and speed of these operations indicate a shift towards more aggressive, widespread fraud campaigns.
Massive Increase in Mobile Banking Malware Attacks
Kaspersky reported a staggering 196% increase in Trojan banker attacks on smartphones in 2024 compared to the previous year. The firm noted that cybercriminals are moving away from targeted hacking techniques and instead deploying large-scale malware distribution strategies to steal banking credentials.
In 2024 alone, cybercriminals launched an average of 2.8 million attacks every month, involving malware, adware, and other unwanted software specifically designed to compromise mobile devices. Over the past year, more than 33.3 million attacks on smartphone users worldwide were detected, demonstrating the growing scale of this threat.
One of the most concerning trends is the rise in Trojan banker malware, which surged from 420,000 cases in 2023 to 1,242,000 in 2024. This type of malware is engineered to steal login credentials for online banking services, e-payment platforms, and credit card systems, posing a severe risk to financial security. With millions of banking apps installed on smartphones worldwide, cybercriminals are treating these devices as digital vaults—vaults that they are actively trying to crack open.
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How Cybercriminals Are Targeting Victims
The report detailed how criminals manipulate victims into unknowingly downloading Trojan banker malware. Fraudsters distribute malicious links through SMS messages, instant messaging apps, and emails, often disguising them as legitimate communications.
Cybercriminals also exploit social engineering tactics, using hacked contacts to send fraudulent messages that appear genuine. This increases the likelihood of users clicking on malicious links, believing them to be from trusted sources. These schemes have become so convincing that even cautious users are falling victim, as fraudsters now personalise their attacks using stolen data to make scams appear authentic.
To further deceive victims, scammers frequently capitalise on trending news, urgent alerts, and hype topics to create a false sense of urgency. This psychological manipulation lowers victims’ defences, making them more susceptible to clicking on harmful links or downloading malicious attachments. Fake bank alerts, fraudulent “security updates,” and even counterfeit charity donation requests tied to global crises are now being weaponised to harvest financial data.
Another notable shift in cybercriminal strategies is the reduction of effort in creating unique malware. Instead, fraudsters are mass-distributing identical malware files to as many victims as possible, increasing the efficiency and reach of their attacks. This industrial-scale fraud operation allows criminals to attack thousands—if not millions—of people simultaneously, making traditional security measures less effective.
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The Growing Threat of Mobile Banking Fraud
Kaspersky’s cybersecurity expert, Anton Kivva, emphasised that no one is completely immune to these sophisticated scams. Fraudsters use well-crafted phishing attempts and psychological tricks to manipulate users into unknowingly giving away their banking details. These criminals are not just stealing money—they are stripping victims of their financial security, their personal data, and their peace of mind.
While Trojan banker malware is the fastest-growing category of mobile threats, it ranks fourth in overall attacks, affecting 6% of targeted users. The most prevalent category remains adware, accounting for 57% of attacks, followed by general trojans (25%) and RiskTools (12%). These figures highlight that various forms of malicious software are being deployed to compromise mobile security. Even if users escape one type of attack, they remain vulnerable to a relentless wave of other digital threats.
South African Smartphone Users at High Risk
The threat is not limited to global markets. In South Africa, the South African Banking Risk Information Centre (SABRIC) and Standard Bank have already issued warnings about the increasing risks of smartphone-related banking fraud.
SABRIC conducted a survey involving 29 banking fraud professionals from nine of South Africa’s leading banks. The findings identified the most concerning fraud types:
- Authorised Push Payment (APP) fraud and vishing – 52%
- Phishing and smishing – 48%
- SIM swap fraud – 35%
Standard Bank has also raised alarms over a rise in fake social media profiles and deceptive apps impersonating bank officials. Fraudsters are using these fraudulent platforms to scam both consumers and businesses.
Beware of a fake WhatsApp group on social media falsely claiming ties to the investment app SBG SI Trader—don’t fall for the scam! The scam falsely links itself to Standard Bank, SBG Securities, and other financial platforms, misleading victims into thinking they are engaging with a legitimate investment opportunity.
The fraudulent app also references Standard Bank’s Financial Sector Conduct Authority (FSCA) operating licence and a named employee, David Hodnett, to increase credibility. By using real names and regulatory references, fraudsters are adding a dangerous layer of authenticity to their scams, making them even harder to detect.
Standard Bank has issued a strong warning, confirming that these claims are false. Customers are urged to remain cautious of phishing scams, cybercrime attempts, and fraudulent schemes attempting to gain unauthorised access to personal financial information. With South Africa already seeing a rise in digital fraud, these warnings serve as a stark reminder that vigilance is no longer optional—it is a necessity.
The bank also advised users to be wary of unsolicited communications via social media, email, or phone calls requesting personal details. Scammers have refined their tactics to the point where even a single click on a fake link can trigger an entire chain of fraudulent activities, leading to significant financial losses.
Mobile Phone Thefts Used for Banking Fraud
SAFPS warns of a growing trend in mobile phone thefts, as criminals aim to exploit banking apps and access financial accounts. Criminals are actively stealing devices to gain access to sensitive financial data, using various techniques to bypass security features.
Given this rising threat, the SAFPS strongly advises that if a mobile phone is stolen, users should immediately contact their bank to delink their banking app from their accounts. This is the most critical step in preventing unauthorised transactions.
Once financial access is secured, users should then contact their mobile service provider to cancel the SIM card to prevent fraudsters from using it for further scams. In a matter of minutes, a stolen phone can become a tool for financial destruction, with criminals draining accounts and even taking out loans in the victim’s name.
By taking these swift actions, victims can significantly reduce the risk of financial loss and unauthorised access to their banking information. However, as fraudsters grow more sophisticated, prevention remains the best defence. Awareness, strong security measures, and scepticism towards unsolicited messages could mean the difference between keeping one’s finances safe and becoming the next victim.
Conclusion
With mobile banking fraud escalating worldwide, cybercriminals are finding new ways to exploit vulnerabilities in smartphones, using large-scale malware attacks and sophisticated social engineering tactics. South African users, in particular, must remain vigilant as fraudsters continue to refine their scams, impersonate legitimate institutions, and manipulate victims into revealing sensitive information. Taking proactive security measures, such as avoiding suspicious links, enabling multi-factor authentication, and securing mobile devices, is no longer optional but a necessity in the fight against digital fraud.
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