Specifically, in recent weeks HSBC bank has received information about a series of customers downloading fake financial applications, impersonating genuine applications.

One typical fake finance app is called “PDF AI”, which impersonates a legitimate finance app with a similar name.

HSBC warns of spike in fake financial apps

Fake financial apps often ask for customers' personal information, such as usernames or credit card details, which can then be used by bad actors to steal customers' money.

Hackers can also block, redirect, or impersonate legitimate apps, including banking apps. Other fake financial apps are designed to trick users into thinking they're logging into their legitimate banking apps.

“Our engineering teams are always on the lookout for fake financial apps and report them regularly when we spot them, asking the platforms to take them down, but criminals are constantly creating new apps, changing the name and redesigning the interface. It’s a scam,” said David Callington, head of fraud at HSBC UK.

Therefore, HSBC recommends that customers proactively protect themselves by being vigilant and cautious, considering it the best defense against this new fraud trend.

Users need to make sure to only download apps from trusted sources and do everything they can to verify the authenticity of an app before providing their personal information.