Mobile Banking Security - Jan 2

McAfee predicts 2012 to see more attacks on mobile banking apps
"Mobile financial services are attracting more and more attention, and not all of it is good. According to technology security company McAfee, more consumers are accessing their financial services via mobile devices and bad guys are looking to exploit that shift.

McAfee Labs released its 2012 Threat Predictions report, and along with apocalyptic-sounding cyberattacks on utilities and infrastructure, attacks on mobile devices, especially attacks targeting mobile banking, are high on the list of threats." Click to view the 2012 Threat Predictions report

Mobile Banking Security
"When is the last time you were inside your bank? It’s probably been awhile. With ATMs and online banking, and mobile banking, there’s rarely ever a need to visit a teller. And with the growing number of banking apps, we can virtually carry our banks in our pockets and purses. But at what cost?"

Mobile Banking: Rewards and Risk
"A recent study looked at the security of four types of mobile applications – financial services, social networking, productivity, and retail. The study focused on the types of sensitive data that mobile applications store on the device and whether these data were stored securely. Each application was rated..."

Remote SMS Attack Can Force Mobile Phones to Send Premium-rate Text Messages
"Attackers can force mobile phones to send premium-rate SMS messages or prevent them from receiving messages for long periods of time by leveraging a logic flaw in mobile telecommunication standards. The flaw was discovered by independent security researcher Bogdan Alecu, who demonstrated how it can be exploited at the DefCamp security conference in Romania on Saturday."

Javelin Reveals the Most Secure Mobile Banking Channels
"avelin Strategy & Research's latest Mobile Banking Security report evaluates the specific security issues mobile bankers face when using three mobile banking channels: web browser, application, and SMS texting. With 44% of banking consumers, the mobile browser is the most widely used of the three channels and is perceived by the consumer to be the most secure. Mobile bankers with smartphones view the browser as an extension of online banking. However, banking using a downloaded app is the second most widely used channel and actually the safest for mobile bankers, with 25% of consumers using this channel. This channel is. App banking has the potential to replace online banking altogether and serve as the consumer's primary access to the FI."