Mobile financial threats surge in Sri Lanka amid global cybercrime growth

The digital revolution in Sri Lanka is increasingly mobile-first, with smartphones becoming the primary tool for banking, shopping, and managing investments. However, this shift exposes millions of Sri Lankans to a rising tide of mobile financial cyber threats, according to Kaspersky’s 2024 cybersecurity report.

Kaspersky’s global telemetry indicates a dramatic increase in financial malware targeting mobile devices. In 2024, the number of users affected by mobile financial malware doubled compared to 2023, while incidents involving banking Trojans grew 3.6 times. These figures foreshadow an imminent rise in similar threats within Sri Lanka’s fast-growing mobile user base.

Adrian Hia, Managing Director for Asia Pacific at Kaspersky explains, “Mobile devices are attractive targets for cybercriminals because users often have fewer protections in place and may unknowingly download malicious apps. In Sri Lanka, this is compounded by a surge in digital wallet use and mobile banking adoption, especially among younger, tech-savvy consumers.”

He highlights common attack methods: “Fake parcel tracking apps, fraudulent cryptocurrency wallets, and bogus e-commerce platforms are typical vectors. These apps look legitimate but steal credentials or inject spyware. Many users don’t verify app sources or neglect to update their phones, increasing vulnerability.”

The Trojan-Banker family Mamont remains one of the most active threats globally and has demonstrated techniques easily adaptable to local contexts. As Sri Lanka’s fintech sector grows, so do opportunities for attackers to harvest sensitive financial data and disrupt services.

Kaspersky’s data also shows an alarming rise in mobile spyware campaigns masquerading as popular utilities or communication tools, jeopardizing user privacy and financial security. Adrian advises, “Sri Lankan consumers should be vigilant: only download apps from official app stores, scrutinize app permissions, and regularly update software. Financial institutions and mobile network operators must also collaborate to detect and block suspicious activity proactively.”

He adds that Sri Lanka’s regulators have a role to play: “Establishing clear cybersecurity guidelines for mobile financial services and running nationwide awareness initiatives will empower users and institutions alike.”

To combat these threats, Kaspersky offers comprehensive mobile security solutions: Kaspersky Internet Security for Android: Provides real-time antivirus protection, anti-phishing, and anti-theft features, including remote locking and data wiping. Kaspersky Secure Connection: A VPN service that encrypts internet traffic, protecting users from data interception on unsecured networks. App Lock: Allows users to secure sensitive apps with a secret code, preventing unauthorized access to personal information