Millions of Cyberattacks Hit Mexico’s Banking, Fintech Apps Daily

Over 714 million cyberattacks target users of Mexico’s banking, fintech, and e-commerce apps every day, says mobile enterprise security specialist Appdome. These attacks, powered by AI and Trojans, seek to steal data, financial credentials, and money.

"Cybercriminals know that mobile apps are a vulnerable point and exploit them to carry out scams, commit fraud, steal data, and infiltrate companies' internal systems," reads Appdome's Global Consumer Expectations of Mobile App Security 2024.

The use of mobile banking and digital financial platforms has grown in Mexico in recent years. According to the Association of Banks of Mexico (ABM), in 2024 the number of mobile banking users reached 91 million, with a growth of 11.2% in the year. In the last six years, internet banking has grown 63%. At the same time, cyberthreats have evolved, adopting more sophisticated and customized methods to circumvent security measures.

Appdome reports that mobile device users are the target of almost 500,000 cyberattack attempts per minute. Among the main attack vectors are banking Trojans such as Xenomorph and SharkBot, which insert fake login screens into banking apps to capture credentials and bypass multifactor authentication. Also, Pegasus spyware has been used for sensitive data theft and unauthorized user monitoring.

The report says that 39.1% of Mexicans consider mobile banking and investment applications as essential. Over 90% of consumers value app security, especially in malware protection and financial transaction security.

The growth of digital banking has been accompanied by an increase in electronic fraud. Between January and July 2023, 3.23 billion transactions were conducted via mobile banking, but an increase in targeted attacks on these platforms was also reported.

Chris Roeckel, Product Director, Appdome, tells Publimetro that threats such as the BRATA RAT allow attackers to take full control of infected devices, divert funds, intercept communications, and erase evidence of the attack through factory resets.