Page 147 - Cyber Defense eMagazine Annual RSA Edition for 2024
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The Emergence of On Device Fraud (ODF) in
2024 and Its Implications for Businesses
By Matteo Bogana, Cleafy
On-device fraud has emerged as a paramount concern for digital businesses, presenting an increasing
threat that has proliferated significantly over the past year. This nefarious trend is driven by various
factors, which we'll delve into here, along with exploring effective strategies to combat it.
But first, let's understand what ODF entails.
In online banking, on-device fraud refers to fraudulent activities occurring directly on a user's device,
whether it be a computer, smartphone, or tablet. This type of fraud encompasses unauthorized access,
manipulation, or exploitation of information and transactions conducted on the user's device. Here, we'll
examine the primary ways in which this occurs.
Firstly, through malware and spyware: Cybercriminals may deploy malicious software to infect a user's
device, granting them not only the ability to monitor and capture sensitive information like login
credentials, PINs, or account details, but also to assume complete control over the device itself.
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