FBI: Increased Use of Mobile Banking Apps Could Lead to Exploitation

As the public increases its use of mobile banking apps, partially due to increased time at home due to COVID-19, the FBI anticipates cyber actors will exploit these platforms.

According to the FBI and the IC3, US financial technology providers estimate more than 75 percent of Americans used mobile banking in some form in 2019. Studies of US financial data indicate a 50 percent surge in mobile banking since the beginning of 2020. Additionally, studies indicate 36 percent of Americans plan to use mobile tools to conduct banking activities, and 20 percent plan to visit branch locations less often. With city, state, and local governments urging or mandating social distancing, Americans have become more willing to use mobile banking as an alternative to physically visiting branch locations, says the FBI.