Anatomy of a mobile fraud attack

As COVID-19 continued to change consumer behavior, general cases of fraud remained on the rise. Global workforces quickly turned to remote work to maintain business continuity, which made employees dependent on vulnerable devices and less secure personal networks to fulfill their work obligations and put sensitive data at risk of being compromised more easily. 

Identity theft was increasing, as were phishing attacks, application and invoice fraud, and social engineering attacks. Last year alone, account takeover fraud increased 34% compared to 2019, representing a whopping 54% of all fraud-related events in 2020, according to a recent report .

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In June 2020, the FBI issued a warning anticipating an increase in the number of attacks on mobile banking customers due to the increasing use of banking applications and the decline of the physical branch. That warning came to fruition in December, when a massive mobile fraud scheme known as the “evil emulator attack” achieved unprecedented success due to the incredible speed and scale of its operation. 

By using a network of emulators (technology used by developers to test and interact with applications through a simulation of a mobile device), hackers were able to fake thousands of compromised user devices and lead to fraudulent bank transactions. They succeeded in defrauding millions of dollars from account holders in the United States and across Europe in a few days.

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