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Zimperium report finds Malware families targeting banking apps

Zimperium report finds Malware families targeting banking apps

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Zimperium, the mobile-first security platform for mobile devices and mobile apps, has released its annual Mobile Banking Heist report, which highlights the continued evolution and success of mobile banking trojans around the globe.

In particular, the research uncovered that 29 malware families targeted 1,800 banking applications across 61 countries last year. In comparison, last year’s report uncovered 10 prolific malware families targeting 600 banking apps.

Banking trojans continue to evolve and succeed due to their ability to persist, bypass security and evade detection on mobile devices. As investment from fast-moving threat actors continues to increase, traditional security practices are unable to keep up.

The research also revealed that US banking institutions remain by far the most targeted by financially motivated threat actors.

There were 109 US banks targeted by banking malware in 2023, compared to the next most targeted countries which were the UK (48 banking institutions) and Italy (44). The report also noted that trojans are evolving beyond simple banking apps, targeting cryptocurrency, social media and messaging apps.

“Mobile banking security is currently in a high-stakes scenario, with numerous threat actors posing substantial risks. This report shows the sophistication, adaptability, and scalability of banking trojans and their widespread impact on mobile applications across the globe,” said Nico Chiaraviglio, Chief Scientist of Zimperium.

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