Mobile Banking Security - Mar 20

Android malware steals bank credentials – Is mobile banking safe?
"Mobile banking has been steadily gaining popularity, as more and more consumers get access to smartphones with internet capabilities. Today, almost every major financial institution in the world provides their account holders with easy-to-use net and mobile banking systems. But, as with every other good thing out there, malicious intent is never far around the corner. Security concerns related to the use of mobile banking applications have been recently brought to the forefront. The latest Android malware found in the wild is proving to be one of the most dangerous."

Targeting Mobile Banking Risks
"What emerging security challenges will new mobile devices and platforms pose for banks and credit unions? Brian Pearce and Amy Johnson shed light on Wells Fargo's approach to unique retail and commercial risks. Johnson, who heads up strategy and execution for CEO Mobile, Wells Fargo's mobile service for commercial and corporate accounts, says managing mobile security has become increasingly fluid. Financial institutions must continually monitor new and evolving threats, and they must keep watchful eyes on new technology that should be applied to thwart those threats."

Mobile Banking is Great, But How’s the Security?
"Because juggling work and life can sometimes feel like you need to be at two different places at the same time, mobile banking makes it easier for on-the-go consumers to do their banking whenever and wherever they can. Most of the top-tier U.S. banking institutions know this, which is why they already offer mobile banking and payment options to their retail and commercial customers. And for those that don’t? They are working diligently to offer mobile services by the end of the year."

Adults Reluctant Adopt Mobile Banking and Payments
"A new survey reveals that while younger consumers are driving the growth of mobile banking and payments, most adults are not embracing the technology, Mobile Payments Today reports. Conducted in January by Auriemma Consulting, the survey found that while 43% of respondents under 45 had downloaded a mobile app from their financial institution within the previous year, only 22% of those over 45 had done so."

Mobile banking security bypassed in fiendish malware blag
"Cyber-crooks are blagging SIM cards that allow them to circumvent mobile-based banking security measures and swipe cash from punters' accounts. Security biz Trusteer has uncovered two elaborate techniques that will defeat out-of-band authentication mechanisms such as SMS-delivered one-time passwords (OTP) for online banking websites. These scams involve crooks getting their hands on duplicate SIM cards to execute fraudulent transactions."