As digital financial transactions continued to expand worldwide, cybercriminals shifted their focus toward mobile devices and crypto assets. According to Kaspersky’s new Financial Cyberthreats report, the number of users encountering mobile banking Trojans rose by 3.6 times compared to 2023, while crypto‑related phishing detections climbed by 83.4%.

Meanwhile, PC‑focused malware saw a decline in traditional banking attacks but a surge in crypto‑asset theft. This data comes from Kaspersky’s new Financial Cyberthreats report for 2024.

Financial phishing

In 2024, online fraudsters continued to lure users to phishing and scam pages that mimicked the websites of popular brands and financial organisations. Banks were the most popular lure in 2024, accounting for 42.6% of financial phishing attempts (compared to 38.5% in 2023).

Amazon Online Shopping was mimicked by 33.2% of all phishing and scam pages targeting online store users in 2024, making it the most popular online brand target for fraudsters.

Apple’s share of attacks dropped nearly 3 p.p. on last year’s figure to 15.7%, while Netflix scams grew slightly to 16%. Meanwhile, fraudsters’ interest in the Alibaba marketplace increased, its share going up from 3.2% in 2023 to 8% in 2024.

Payment systems were mimicked in 19.3% of financial phishing attacks detected and blocked by Kaspersky products in 2024 (19.9% in 2023). Once again PayPal was the most targeted brand, however, the ratio of attacks related to it fell from 54.7% to 37.5%.

Attacks targeting Mastercard, on the contrary, nearly doubled from 16.6% in 2023 to 30.5% in 2024. American Express and Cielo are the new entrants into the top five replacing Visa, Interac and PayPay.

In 2024, the number of phishing and scam attacks related to cryptocurrencies saw a whopping increase. Kaspersky antiphishing technologies prevented 10,706,340 attempts to follow a cryptocurrency-themed phishing link, an 83.4% increase over the 2023 figure of 5,838,499. As cryptocurrency popularity continues to grow, the number of attacks is only ever going to get larger.

Financial malware for PCs

While the number of users who encountered mobile banking malware increased, the share of those who were affected by financial PC malware decreased from 312,453 in 2023 to 199,204 in 2024.

Currently most financial PC malware that Kaspersky detects is targeting not online banking, but crypto assets. The banking Trojans that were most often detected in 2024 included ClipBanker (62.9%), Grandoreiro (17.1%), CliptoShuffler (9.5%) and BitStealer (1.3%). Grandoreiro is a full-fledged banking Trojan that targeted 1,700 banks and 276 crypto wallets in 45 countries and territories around the globe in 2024.

Mobile financial threats

In 2024, the number of users who encountered mobile banking Trojans grew 3.6 times compared to 2023: from 69,200 to 247,949, with malicious activity significantly increasing in the second half of 2024.

The most active Trojan-Banker family in 2024 was Mamont (36.7%). Its distribution schemes ranged from simple scams to complex social engineering plots with fake stores and delivery tracking apps.

“In 2024, financial phishing and scams increased in numbers and reached a new level of sophistication, unleashing waves of attacks on users. Fraudsters are increasingly leveraging fake brands and services to get user data, and the popularity of smartphones for financial transactions only fuels their appetite.

Looking ahead, we expect financial phishing to become even more personalised and targeted, focusing on exploiting vulnerabilities in everyday digital habits, which will demand increased vigilance and thorough approaches to protection,” comments Olga Svistunova, senior web content analyst at Kaspersky.

A recent survey by Kaspersky has showed that 43.5% of employees and business owners using computers in the Middle East, Turkiye and Africa (META) region faced a situation when colleagues (24%), friends or relatives (19%) made jokes with their unlocked computer.

These jokes included sending funny messages or emails on behalf of the accounts’ owner, placing a screenshot of the desktop as a desktop background, and leaving unexpected pictures, notes, or photos in the files. At the same time just less than 3% of the survey respondents admitted to making such jokes themselves.

Similar tricks are also used by cyber attackers. For example, a phishing website may open in a new window in full-screen mode, so that the original browser bar with the phishing URL becomes invisible.

Instead, the attackers replace it with an image of the browser bar with the official link of some well-known organisation. This image may display various messages (both visual and audio), such as warnings that the computer has been blocked and a fine must be paid.

If the user does not know how to exit full-screen mode in the browser, they may think their computer is really locked. To escape such a trap, users can press F11 or Alt+F4 on Windows, or Cmd+Ctrl+F on a Mac, to exit full-screen mode and regain control.

Short links and QR codes should always be treated with vigilance as they may lead to unpredicted downloads or websites, not only claiming to be an “April Fools” joke. QR code phishing, known as Quishing, has been a growing concern in recent years.

Since there are threat actors looking to benefit from people’s trust in a service, it’s worth checking such links by copying and pasting them into a tool like GetLinkInfo or UnshortenIt. Cybersecurity solutions help with a built-in QR scanner that lets users check the link and warns users about landing on a dangerous website.

Additionally, hovering over a short link (without clicking) can sometimes reveal the true destination URL in the browser’s status bar, offering a quick safety check.

“Of course, a friendly joke won’t lead to the loss of money or data, that is the case with cyber attacks but may still be very unpleasant. Following simple rules when working with a computer, tablet or phone will help to avoid unpleasant consequences.

Be vigilant, have strong passwords in place and keep your devices locked,” notes Brandon Muller, technology expert and consultant at Kaspersky.

Socio-Economic Rights and Accountability Project (SERAP) has urged Godswill Akpabio, Senate president, and Tajudeen Abbas, speaker of the House of Representatives, “to immediately withdraw the oppressive bill which contains repressive provisions to jail any Nigerian of voting age for six months and/or impose a fine of N100,000 on them if they fail to vote in national and state elections.”

SERAP urged Akpabio and Abbas to instead “amend the Nigerian Constitution 1999 [as amended] and the Electoral Act 2022 to remove constitutional immunity for state governors and their deputies who commit electoral offences, including vote-buying, to facilitate the investigation and prosecution of perpetrators.”

SERAP also urged Akpabio and Abbas “to amend the Nigerian Constitution and the Electoral Act to explicitly prohibit the appointment of members of any political party as resident electoral commissioners (RECs) of the Independent National Electoral Commission (INEC).”

There is currently in the National Assembly a ‘Bill for an Act to Amend the Electoral Act 2022 to Make It Mandatory for All Nigerians of Majority Age to Vote in All National and State Elections and for Related Matters.’ The bill seeks to make voting compulsory and prescribes a six-month jail term or a fine of N100,000 or both for non-compliance.

In the letter signed by Kolawole Oluwadare, deputy director, SERAP at the weekend,  the organisation said: “Jailing eligible Nigerians for deciding not to vote would be entirely inconsistent and incompatible with the letter and spirit of the Nigerian Constitution and the country’s international human rights obligations.”

SERAP said, “Rather than proposing bills that would severely punish Nigerians who may decide not to exercise their right to vote, the National Assembly ought to propose bills to remove constitutional immunity for governors and their deputies who commit electoral offences and undermine the integrity of the electoral process.”

According to SERAP, “The most effective way to solve the perennial voter apathy is to create a safe and conducive environment, combat the impunity of high-ranking politicians who commit electoral offences, and generally improve the electoral process to encourage the citizens to come out to vote, and not to send them to jail.”

The letter, read in part: “Should the National Assembly fails to drop the bill prescribing a six-month jail term for eligible Nigerians who decide not to vote in national and state elections, and should any such bill be assented to by President Bola Tinubu, SERAP would consider appropriate legal action to challenge the legality of any such law and ensure they are never implemented.”

“The idea of compulsory voting and jailing citizens for not voting is impracticable, unnecessary and unlawful. The right to vote is part of citizens’ right to participate in their own government and the choice of whether to exercise it is personal.”

“The right to vote includes the right not to vote. If the right to participation is a right of the citizen, she/he must be free to decide whether or not to exercise it.”

“Because the notion of a democracy exists by virtue of the consent of the citizens, voters must get to choose how they exercise consent, not be forced to the polls like ‘cattle to the slaughter.’”

“The National Assembly ought to propose bills to reduce the influence of money in politics, and encourage and not compel the exercise of the right to participation.”

“The proposed bill is a blatant violation of the right to political participation, which is guaranteed under section 14(1)(c) of the Nigerian Constitution, article 25 of the International Covenant on Civil and Political Rights and article 13 of the African Charter on Human and Peoples’ Rights to which Nigeria is a state party.”

“SERAP also urges you to amend the Nigerian Constitution and the Electoral Act to include explicit mandatory provisions on internet voter registration, and the use of modern technology, including in casting and counting, voter registration and systems for reporting results.”

“Amending the Nigerian Constitution and the Electoral Act to explicitly include the right of eligible Nigerians to vote and to vote securely would enhance the effective enjoyment of their right political participation and representative democracy.”

“It would rebuild public confidence in the ability of the National Assembly to effectively perform its constitutional responsibilities.”

“Any amendment of the Nigerian Constitution and the Electoral Act must include bills to address and punish governors and their deputies and their agents who commit electoral offences including voter suppression, voter intimidation and the destruction of polling units or theft of election materials.”

“It is important for the National Assembly to introduce and pass bills that would effectively rein politicians who continue to abuse the electoral rules to distort and undermine the right to participation with almost absolute impunity.”

“Removing constitutional immunity for governors and their deputies who commit electoral offences would address the brazen impunity for electoral and human rights crimes which frequently characterise the country’s elections.”

“The major problem facing the country’s democracy is the lack of respect for Nigerians’ right to participation and the concomitant lack of trust in election results. If citizens do not believe in the election process, then the entire system of democratic government becomes a questionable enterprise.”

“The crisis confronting Nigerian elections and lack of public trust and confidence in the electoral process can be addressed if the right of Nigerians to vote and to vote securely is explicitly recognized in the constitution as justiciable right.”

“Nigerians do not currently enjoy explicit right to vote and to vote securely. Although the Nigerian Constitution 1999 [as amended] provides in Section 14(1)(c) that, “the participation by the people in their government shall be ensured in accordance with the provisions of this Constitution”, this is not recognized as legally enforceable human right.”

“Nigerian election laws ought to be such that would give effect to the electorate’s will and uphold the popular mandate through clean, fair, and honest elections. The right to vote in a democracy is important because so many other matters depend upon its exercise.”