Cyber criminals are using more sophisticated attacks that combine Web, text, and email vulnerabilities according to the 2011 Global Security Insights in Mobile report by security firm Adaptive Mobile.
Mobile hacking attacks against business targets are proving to be more profitable over short time periods, and the problem is more prevalent than ever.
"A typical e-mail scam nets about $25,000 (£15,570) according to Symantec studies, but we have seen a mobile scam net $1m in four days," Adaptive Mobile's Gareth Maclachlan told Computer Weekly.
The scam Maclachlan refers to used spoofed missed-call notifications that connected victims to a number that billed at a high rate, racking up charges quickly.
Maclachlan also pointed out the use of Zeus Trojan variants in mobile applications to capture bank account and password details which are sent directly to the attackers.
Mobile attacks are proving easier for criminals to employ with greater success rates as opposed to PC based attacks, and with the dramatic increase in the volume of mobile transactions, cyber criminals are quickly adapting by shifting their focus.
"McAfee recently published a report saying malware targeting mobile devices rose 46% in 2010, but the threat should not be measured only in terms of volume, because fewer attacks are already proving to be more damaging," Maclachlan said.
Maclachlan suggests that addressing the problem at the network level will be more successful at a lower overall cost than relying on managing agents deployed on each mobile device.
"Using network management services, businesses are able to set policies for every user and define exactly what each SIM can and cannot do at a much lower cost than they would be able to achieve such control using their own resources," said Maclachlan.