Fraudsters are constantly finding new ways to exploit vulnerabilities in the banking system, and one of the latest tactics involves stealing credit card information via mobile banking apps.
This type of attack has been seen in different variations in Spain and North America and was reported for the first time at the beginning of 2023. As fraudsters use stolen credentials to commit e-commerce fraud, here’s what banks and customers must keep in mind to stay safe.
Step 1: Stealing credentials
Fraudsters start by stealing the login credentials and the phone number of banking customers. They typically accomplish this through phishing or smishing.
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