In our increasingly mobile-centric world, cybercrime and online fraud are increasing at an alarming rate, affecting millions of people worldwide.
A recent survey found that one in four consumers has experienced a cyberattack on a mobile app or knows someone who has. Europe in particular is seeing a sharp rise in online phishing and scams, with Interpol reporting an increase in these malicious activities that target vulnerable individuals. BDO in the UK also noted that fraud cases more than doubled last year to a staggering £2.3 billion, driven primarily by phishing attacks and system breaches. These statistics highlight the sophisticated tactics that cybercriminals are using and the urgent need for businesses to bolster their defences.
Chief Product Officer at Appdome.
The Power of Deception: Social Engineering in Cyber Attacks
Social engineering remains a primary method of cyberattacks, with 98% involving some form of this deceptive tactic. By manipulating individuals into revealing sensitive information, cybercriminals cast a wide net, trapping everyone from the elderly to young couples. High-profile imitations, such as those of Martin Lewis, Currys and the BBC, highlight the wide reach of these scams. These incidents are not just about financial loss; they undermine trust and create a climate of fear and uncertainty.
No one is immune. According to Lloyds Bank, holiday shopping scams have increased by 7% in the past year, with victims losing an average of £765. Over 70% of these scams now take place on social media, online marketplaces and dating apps. The consequences are serious, ranging from financial loss to identity theft, with many incidents going unreported due to the clever methods used by perpetrators. Victims are also often left feeling embarrassed or blaming themselves, further contributing to the under-reporting of such crimes.
Shifting the burden: from users to brands
Despite increasing awareness, many users still fall victim to social engineering attacks, often due to poor security practices. And more can be done to ensure users are following best practices. The Institution of Engineering and Technology (IET) found that 20% of the UK public use the same password across multiple devices, with many opting for easy-to-guess choices such as pet names or important dates like birthdays or anniversaries. Historically, the responsibility for security has fallen on the users, but it’s time for brands to step up.
Brands play a critical role in improving user safety and trust. They can guide users on how to handle suspicious communications and emphasize the importance of verifying identities before responding to requests. With the advent of AI voice impersonation and caller ID spoofing, brands need to step up their defenses. Proactively protecting and monitoring fraudulent activity, quickly alerting users, and providing immediate assistance can significantly reduce risk. By taking these proactive steps, brands not only protect their users, but also build stronger, more trusted relationships with them.
Strengthening Security: A Call to Action for Brands
The rise of mobile applications presents a golden opportunity for app developers to increase user trust and security. An impressive 82.4% of consumers globally are demanding a more proactive approach from developers to protect their digital experiences. This is crucial, as the impact of cyber threats extends beyond consumers and impacts brands themselves. A single security breach can cause irreparable damage to a brand’s reputation and result in significant financial losses.
A robust security strategy can improve brand perception and loyalty. By effectively managing security risks, brands can prevent costly breaches and maintain consumer trust, preventing the trust erosion and churn that often follow security breaches. Demonstrating a commitment to user protection not only protects a brand’s reputation, but also stabilizes customer acquisition costs by fostering loyalty and satisfaction.
Brands that prioritize security can differentiate themselves in the marketplace and create a competitive advantage that attracts and retains customers. They can also build and nurture a community that values security. Brands can empower individuals to take proactive measures in their digital interactions. Encouraging users to report suspicious activity and providing them with the tools to do so can significantly reduce the impact of cyberthreats.
A united front against cyber threats
As cybercrime evolves, brands must recognise and combat social engineering, which is at the heart of online fraud. By deploying advanced tools such as behavioural analysis to detect malicious activity and technologies to thwart threats such as Remote Desktop Control, FaceID Bypass and SIM Swapping, brands can effectively counter these risks.
The strategic use of these technologies, combined with an unwavering commitment to fraud prevention, enables brands to dismantle the intricate webs of deception that put so many users at risk. By taking a cyber-resilient approach, brands not only disrupt fraudulent schemes, but also prioritize the human element in security.
Mobile brands can strengthen their user relationships and rebuild trust in the digital landscape by focusing on individual protection, data security, and rebuilding trust. The time to take action is now, as the future of mobile security lies in the hands of those who lead the way in protecting their users.
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