Cybercriminals are emulating PC malware to develop mobile banking Trojans that leverage malicious miners to steal cryptocurrency and deliver it to attacker-controlled wallets.
XMRig is popular among cybercriminals because it is open source, meaning threat actors can make relatively simple changes to its code to convert the tool into a cryptojacking mechanism.
According to IBM's "Future of Identity Study," consumers are beginning to prioritize security over convenience, making trust a crucial competitive advantage for financial institutions.
TrickBot is getting in on the cryptocurrency gold rush, expanding its operations to target digital wallets and exchanges using serverside injections and other malicious tactics.
As cybercriminal tactics evolve, banks must employ fraud detection solutions that leverage artificial intelligence to evaluate new registrations for signs of money mule activity.
The only way to reduce the encryption blast radius is to keep moving forward and embrace the advancements the technology has undergone over the years.
Open banking promises to make financial services apps more convenient, but there's still a lot of confusion about how financial firms will protect customer data from rogue third parties.