Mobile Banking Security - Dec 12

Major £30m cyberheist pulled off using MOBILE malware
"Cybercrooks swiped £30 million (€36m) from the banks accounts of 30,000 customers in Italy, Germany, Spain and Holland over the summer using an elaborate mobile banking fraud scam. The malware-based attack targeted both corporate and private banking users, performing automatic transfers that varied from €500€ to €250,000 to intermediary accounts controlled by members of the gang. The fraud used malware based on the infamous ZeuS cybercrime toolkit to target the PCs and mobile phones of banking customers."

How Secure is Mobile Banking
"Mobile banking is on the rise, with increasing numbers of financial institutions offering access to their services via mobile websites, apps and text messages. How secure these services are for users is an incredibly hard thing to quantify. Thankfully there have been no examples of mobile banking fraud on a global scale, and the fact that banks so far have provided mobile access with the same tight security measures as they have on their full desktop websites is encouraging."

Array Application Delivery Controllers Enable Anytime, Anywhere Mobile Banking Applications
"Array Networks Inc., a global leader in application mobility, security and performance, today announced that Axis Bank, one of the most trusted banks in India, has chosen Array’s APV2600 application delivery controllers to ensure the availability, security and reliability of its Axis Mobile mobile banking applications. Leveraging the latest in wirespeed encryption technology, APV Series application delivery controllers ensure high availability and scalability for the mobile application."

Hispanics Concerned with Security when Mobile Banking, Zpryme and ThinkNow Research Reports "Based on a recent survey by Zpryme and ThinkNow Research, the most cited (44.0%) reason why Hispanics do not turn to mobile banking is due to information security, while (21.0%) don’t have smartphone, cell phone, or tablet with internet access (16.0%) my mobile screen is too small, and (5.0%) internet connections take too long or don’t hold."