According to cyber security solution firm Kaspersky, no such incident has been reported yet but the probability of cyber criminals adding fake apps on app stores remains high.
“Digital payment companies ensure that the transactions are safe on their apps. Besides, there are checks like two-factor authentication for ensuring secure transactions for consumers,” Altaf Halde, Managing Director at Kaspersky Lab, South Asia, said.
In such a scenario, cyber criminals could look at tricking consumers into downloading fake apps that look almost like the genuine one, allowing a backdoor entry into their smartphone.
While financial institutions like banks and mobile m-wallet companies take steps to (Read More)