Mobile Banking Security - June 5

Malware Threats Rise for Mobile Banking
"As apps shrink the gap between financial firms and their customers, banks are coping with new and growing risks that accompany mobile devices. Malware tailored to browsers made for miniature screens; scams aimed at duping smartphone users; hackers intent on phishing attacks meant to ensnare tablets — all the threats bankers deal with on the desktop have moved to people's pockets." Why is 

Mobile Banking Considered Unsafe?
"According to an American Banker survey conducted this year, the percentage of consumers who consider mobile banking “safe” or “very safe” actually fell in the last 12 months from 42% (2012) to 38% (2013). The continued low uptake of mobile banking clearly has a lot to do with security. (It doesn’t help either that more than half of those polled said that their banking needs are met without mobile banking, but that’s a topic for another blog.)"

Trusteer Provides Holistic Protection for Mobile and Online Banking Channels
"Trusteer, the leading provider of endpoint cybercrime prevention, today announced the Trusteer Mobile Risk Engine to protect financial institutions against mobile and PC-to-mobile (cross-channel) attacks. Trusteer Mobile Risk Engine detects and stops account takeover from mobile devices by conclusively identifying criminal access attempts. It also identifies devices that are vulnerable to compromise by malware and those that have been infected. Mobile malware is commonly used to bypass strong authentication methods such as SMS One-Time Passwords (SMS OTP)."