Mobile Banking Security - Oct 29

Protecting Yourself from Mobile Banking Attacks
"It’s true – mobile banking is an easy and efficient way to view your account balances, review individual transactions, and send or receive payments while you’re on the go. But its convenience isn’t just attracting smartphone users worldwide – it’s also attracting cybercriminals, and it’s easy to see why. According to a recent report by the Federal Reserve, 42 percent of mobile banking users have transferred money between accounts; meanwhile, 21 percent of mobile payment users have transferred money directly to another users’ bank, credit card or Paypal account."

Mobile Banking's Security Advantages
"As demand for mobile banking and payments transactions grows, banking institutions face increasing pressure to ensure security, says Dennis Simmons of SWACHA, a Texas-based electronic-payments adviser for banks and credit unions. As a result, Simmons says, banks and credit unions must take advantage of mobile device features, such as geo-location, biometrics and device identification, to enhance authentication."

Blackhole Exploit Toolkit 2.0 and Mobile Banking Malware Are Top Trends in AVG's Q3 Threat Report
"AVG Technologies (NYS: AVG) , the provider of Internet and mobile security to 128 million active users, today released its Q3 2012 Community Powered Threat Report. This quarter's report investigates a number of malicious software developments including the newly launched 2.0 version of the Blackhole Exploit Toolkit, the evolution in malware targeting mobile banking services, a surge in malicious ads targeting social network users and a trick to hide malware inside image files."

iovation Presents Mobile Banking Impact on the Financial Services Fraud Landscape
"iovation, the Device Reputation Authority™ protecting online businesses from fraud and abuse, today announced its upcoming panel presentation discussing the increase in mobile service offerings by financial institutions and the impact that increased mobile usage is having on the fraud landscape. John Haney, Sales Executive at iovation, will share recent mobile trends based on iovation’s cybercrime intelligence network, and explain how banks and other financial institutions are detecting mobile fraud early in the process."

Report: Mobile banking could be more secure than online banking
"London-based research and consulting firm Goode Intelligence has released a report and white paper that indicate that the mobile banking channel has the potential to be more secure than online banking. The report, “Mobile Banking Security,” looks at the current security measures of mobile banking and how banks are working with technology companies to create means to prevent fraud and identity theft."

bile banking attacks on Android platforms are here
"The growing popularity of mobile banking and the Android platform for smartphones is combining to make this a fertile area for cyber criminals to target. AVG’s latest Threat Report confirms this trend and believes it will only continue to grow as cyber criminals are increasingly targeting the Android mobile platform with sophisticated social engineering attacks to hack into unsuspecting users’ mobile bank accounts."