The Accelerating Risk of Fake Mobile Apps for Financial Institutions

### Executive summary The report warns of an increase in mobile malware and fake-app campaigns (at least 128 reported cases with ~$2.4M in losses per a Singapore Police advisory) that use social-media ads to push fake APKs and tricks (including disabling Play Protect and installing VPN apps) to steal SMS OTPs, card details, and banking credentials; it urges a move from reactive app-centric detection toward proactive, infrastructure-based intelligence and enforcement.