Mobile Banking Security - May 29

80% of mobile banking apps may have security flaws
"Neal O’Farrell, executive director of the nonprofit Identity Theft Council, spoke about the seriousness of mobile security as part of San Francisco Small Business Week, Cult Of Mac reported. 'There were more data breaches than U.S. residents last year and more cases of identity theft than just about all other crimes combined,'"

Action Line: Mobile banking scam a growing concern
"The FBI warned on Jan. 11 that 'crafty criminals are aiming to steal one of the most valuable pieces of your personal property: banking information,' says a Bankrate.com email. It warns mobile banking account holders of spam emails from National Automated Clearing House Association, the Federal Reserve and the FDIC in a scheme involving a new type of malware - 'Gameover.' The scheme involves spoofed messages that attempt to trick recipients into clicking on links to resolve issues with their accounts or recent ACH transactions. When you click on links, Gameover hijacks your computer and its criminal operators steal user names, passwords and ultimately your money."

How Safe is Mobile Banking?
"Most of us are now totally comfortable with using technology to do our banking. However, when it comes to knowing whether mobile or internet banking is safest, most of us are at a loss. The truth is there are pros and cons to both. Your internet connection might be safer because you've installed a decent security system, or it could be that your mobile with its passcode is the more secure option."

NAB warns of mobile malware threat "NAB, which today revealed that its customers funnel $1 billion a month through its mobile banking applications, has warned that mobile malware and poor mobile security is going to be a much bigger issue in the future and that that companies serving up mobile content ignore the issue at their peril. Speaking at Cebit in Sydney today, Ben Forsyth, head of mobile and emerging technology at NAB, said that at present users had experienced only the 'tip of the iceberg' with regard to mobile security problems. As mobiles became an increasingly important transaction platform 'vulnerabilities are almost inevitable,' he warned."