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FBI warns on cyber threat amid heightened mobile banking use

The Federal Bureau of Investigation has issued a public bulletin warning that mobile banking customers could face increased risk of cyber attacks as more consumers embrace digital banking amid COVID-19.

The FBI warned cyber attackers are embedding malicious apps called banking trojans that are hidden inside third-party software like games or other tools. The banking trojan can replicate legitimate banking sites and appears to be part of the legitimate login page, according to the bulletin.

The agency cited data showing 50% increases in mobile banking use in 2020, and additional data showing bank customers plan to reduce the amount of time spent in bank branches. 

HeThe  agency suggests using two-factor authentication when logging onto a mobile banking app and also to use complicated passwords, with upper and lowercase letters and symbols.