SHIFT · EU
Spanish banks report 150% surge in device-based fraud
Fraud tied to stolen devices has spiked 150% in Spanish banking. Signals a coordinated shift in criminal tactics: mobile/device compromise is becoming the primary vector for account takeover and funds theft.
WHY IT MATTERS
Device fraud outpacing traditional phishing forces banks to rebuild detection. Passwordless/biometric defenses and device-risk APIs now table-stakes; legacy SMS/email OTP is no longer credible.
Source: Finextra · 2026-10-14