Mobile banking is employing application-based technology on mobile devices to conduct banking transactions. The smartphone revolution has generated chances for the financial sector to offer online banking services 24/7, 365 days a year through net banking and mobile banking. Users are utilizing smartphones, tablets, and laptops to do banking operations instead of visiting physical banks. Nearly all financial organizations, including banks, stock markets, insurance sectors, and capital markets, offer the capability to conduct transactions using mobile banking applications. Earlier, financial organizations utilized SMS for restricted banking services, allowing users to check their balance by sending a text to the bank's designated number. In early 2010, the advancement of mobile operating systems such as Android and iOS brought transformative changes to the mobile device business. The technological improvements in mobile application development demonstrated the diversity of programs that support both Android and iOS devices. Google's Android Play Store and iOS's App Store serve as the primary platforms for users to obtain and install applications on mobile devices. All banking and financial applications must be registered on these application stores to be available for download on mobile devices, where the application store conducts a thorough inspection of the source code and program features. This chapter includes diverse characteristics of mobile and financial applications; their security features and how cyber criminals are misusing financial applications to commit cyber fraud. Cybercriminals are generally using UPI as a medium to receive the fraudulent amount by sending QR code, UPI Id, etc. They imitate legitimate banking websites and applications via sending a phishing email, sms, social media messages, or via phone calls. This chapter also explains about important artifacts, mobile forensic acquisition process, challenges and timeline analysis. Further it elaborates forensics analysis of mobile malware or malicious applications, tools, and techniques.