Trend Micro states that mobile banking will be the target of malware and the basic two step verification process will no longer be enough. The firm warns organizations to expect major data breaches once a month in 2014." Continue Reading
Showing posts with label Mobile Malware. Show all posts
Showing posts with label Mobile Malware. Show all posts
Sunday, January 12, 2014
Mobile malware threats to continue to increase in 2014: Trend Micro
Trend Micro states that mobile banking will be the target of malware and the basic two step verification process will no longer be enough. The firm warns organizations to expect major data breaches once a month in 2014." Continue Reading
Thursday, January 9, 2014
Seventy percent of all known mobile malware variants found in 2013: Kaspersky
"Over 100,000 new individual malware routines for mobile devices were detected in 2013 by the cloud-based Kaspersky Security Network (KSN) alone, according to recently released statistics from the security vendor that highlight the magnitude of the current online threat and its future potential growth.
An annual analysis of KSN's activities found that the network intercepted 5.19 billion cyber-attacks on computers and mobile devices during 2013, with 1.7 billion attacks launched from online resources around the world – 45 percent of which came from the United States and Russia." Continue Reading
An annual analysis of KSN's activities found that the network intercepted 5.19 billion cyber-attacks on computers and mobile devices during 2013, with 1.7 billion attacks launched from online resources around the world – 45 percent of which came from the United States and Russia." Continue Reading
Wednesday, January 8, 2014
Predictions: Android Ransomware, Mobile Banking Fraud
Android won't be the only one under attack, but iOS, Windows Phone, and BlackBerry, too. Trend Micro estimated that malicious Android apps will reach 3 million in 2014." Continue Reading
Sunday, December 29, 2013
2014 is the tipping point year of mobile malware: RSA chief Art Coviello
Amidst this backdrop, “it is easy to see that mobile malware will rapidly grow in sophistication and ubiquity in 2014,” says Coviello as he releases his top security predictions for the upcoming year." Continue Reading
Friday, December 20, 2013
Research Shows 8 out of 10 Mobile Banking Apps Contain Security Weaknesses
"Praetorian, a leading information security provider, today released a study that explores challenges faced by today's megabanks, regional banks, and credit unions whilebuilding and maintaining secure mobile banking apps. Praetorian has identified build and configuration weaknesses in the overwhelming majority of mobile banking apps available on the App Store and Google Marketplace.
While cursory, the results of the analysis indicate a need for continued improvement in mobile application security as the critical underpinnings of society become increasingly dependent on mobile technology." Continue Reading
While cursory, the results of the analysis indicate a need for continued improvement in mobile application security as the critical underpinnings of society become increasingly dependent on mobile technology." Continue Reading
Wednesday, December 18, 2013
Hackers target banking apps on Apple and Google platforms
"We act as if are phones and tablets are safe. They’re not. According to security company Arxan Technologies, all of the top 100 paid Android apps have been hacked. (Yes, all, as in 100 percent.) Apple’s doing better, with only 56 percent of their top paid iOS apps hacked." Continue Reading
Weak Security In Most Mobile Banking Apps
"Most mobile banking apps -- including those of major financial institutions -- contain configuration and design weaknesses that leave them with weakened security.Security experts this month tested 275 Apple iOS- and Android-based mobile banking apps from 50 major financial institutions, 50 large regional banks, and 50 large U.S. credit unions.
Overall, they found that eight out of 10 apps were improperly configured and not built using best practices software development." Continue Reading
Overall, they found that eight out of 10 apps were improperly configured and not built using best practices software development." Continue Reading
Report: Financial malware targeting Android users, defeats SMS authentication
"'Do not rely on SMS based authentication; it has been thoroughly compromised,' warns NSS Labs in a new report. Titled "View from the Precipice: Mobile Financial Malware," the report outlines how the popularity of mobile banking has led cybercriminals to target this group of users.
As a result, specialized malware now exists that specifically targets smartphones to steal the requisite two-factor passcodes that banks deliver by means of text messages." Continue Reading
As a result, specialized malware now exists that specifically targets smartphones to steal the requisite two-factor passcodes that banks deliver by means of text messages." Continue Reading
Thursday, November 21, 2013
Mobile Banking Threat on the Rise as Hackers 'Refine' Techniques
In the third quarter, online banking Trojans, which are used to steal banking information from the user, soared to a record high with more than 200,000 infections, the highest since 2002, according to new data from TrendLabs." Continue Reading
Sunday, November 17, 2013
Mobile banking on the rise despite security concerns
Mobile malware on the rise in Q3, 97% targets Android
"As Android continues to rise in popularity, so do, unfortunately, some of the seedier elements that are invariable associated with emerging software technologies. The latest Mobile Threat Report from F-Secure shows some startling statistics, especially when it comes to Android.
In Q3 2013, some 259 total mobile threat families and variants have been detected across the popular mobile OS's, with a shocking 252 of them being found on Android. The remaining 7 are found on Nokia's aging Symbian OS, while equally as shocking, no threats have been reported for iOS, BlackBerry, or Windows Phone." Continue Reading
In Q3 2013, some 259 total mobile threat families and variants have been detected across the popular mobile OS's, with a shocking 252 of them being found on Android. The remaining 7 are found on Nokia's aging Symbian OS, while equally as shocking, no threats have been reported for iOS, BlackBerry, or Windows Phone." Continue Reading
Banking security needn't be at the expense of convenience
"How do you get the balance right between customer service and security? The battle between banks and fraudsters is ongoing, with banks losing millions each year through fraud.
In addition, the rise of digital and mobile banking over the past few years has led to banks investing heavily in their fraud and security measures. These authentication devices alongside integrated malware detection and fraud monitoring systems can be a barrier to a satisfying, simple customer experience. How do banks protect their customers’ assets and data, without compromising service levels and writing off millions of pounds to ‘acceptable fraud losses’ every year?" Continue Reading
Thursday, October 17, 2013
Mobile Malware Hits the 1M Mark
"Android-based mobile malware and high-risk apps have reached the one million mark, according to a study from Trend Micro.
At the end of the second quarter of 2013, the firm found there to be 700 thousand malicious and risky apps in the wild, leading it to predict that Android malware would reach the dubious one million milestone by the end of the year. But that day has arrived one quarter early." Continue Reading
Wednesday, September 11, 2013
Mobile Banking Security - Sept 11
Jeff Salway: Banking bandwagon not such a safe ride
"I WAS recently accused by a friend – a self-confessed geek – of being scared of new technology; I prefer to believe I’m just too cynical to jump on the latest high-tech bandwagon. That includes mobile banking, which is one bandwagon the banks would very much like us all to leap on to, and in this case my cynicism may be more than justified. Mobile banking refers to the use of mobile phones and other handheld devices, such as tablets, to make payments, transfer money, check statements and so on. The UK is lagging behind in this area, but our banks are eager to catch up and are ploughing millions into mobile banking development."
Banker beware: SIM swapping con targets mobile accounts
"It's amazing in its own way — despite constant warnings from their financial institutions to never, ever provide sensitive information by phone or email, customers continue to do just that. That dynamic, whether caused by gullibility or laziness, has only helped scammers, who've been perfecting their craft since time immemorial. One of the latest cons is SIM swapping, which is the second phase of a phishing scam. Though not as profitable as large-scale hacking and skimming, it appeals to criminal gangs looking for a low-cost, low-risk, high-reward, EMV-circumventing racket."
USERNAME AND PASSWORD AUTHENTICATION BORDERS ON NEGLIGENCE IN MOBILE BANKING
"Earlier this week the Financial Conduct Authority announced that it will be publishing a full report in to mobile banking early next year, by revealing its initial findings and the potential risks to consumers concerning fraud, cybercrime and user error. In an article published by the BBC, the Director of Supervision at the FCA, Clive Adamson, states that: 'With the market growing, now is the right time for us to take stock and, as part of the FCA’s forward looking approach, to ensure that consumers are appropriately protected.'”
New 'Hesperbot' bank Trojan targets mobile authentication systems
"Security firm ESET is warning of an ambitious new banking Trojan designed to beat the mobile multi-factor authentication systems rolled out to defeat an older generation of malware. Named Spy.Hesperbot after its discovery in Mid-August, the Trojan comes with the usual tricks such as keylogging, video capture and html injection but adds cleverness in the form of a remote control VNC server and a mobile app for Symbian, Blackberry or Android smartphones."
UK mobile payments held back by security and complexity
"With only one in five UK consumers using their mobile to make payments, new research suggests that the technology is being held back by consumer fears over security, lengthy sign-up processes and problems making payments outside of individual schemes. Mobile payments specialist firm Zapp carried out a survey of 2,000 UK consumers, and found that 17% of them had made a mobile payment. Of these, some 60% were limited to simple bank transfers between accounts, rather than paying for goods and services. Of those making payments, one in five said there are not enough people and places to make payments and 18% said it was difficult to pay people who don’t use the same mobile payment system."
"I WAS recently accused by a friend – a self-confessed geek – of being scared of new technology; I prefer to believe I’m just too cynical to jump on the latest high-tech bandwagon. That includes mobile banking, which is one bandwagon the banks would very much like us all to leap on to, and in this case my cynicism may be more than justified. Mobile banking refers to the use of mobile phones and other handheld devices, such as tablets, to make payments, transfer money, check statements and so on. The UK is lagging behind in this area, but our banks are eager to catch up and are ploughing millions into mobile banking development."
Banker beware: SIM swapping con targets mobile accounts
"It's amazing in its own way — despite constant warnings from their financial institutions to never, ever provide sensitive information by phone or email, customers continue to do just that. That dynamic, whether caused by gullibility or laziness, has only helped scammers, who've been perfecting their craft since time immemorial. One of the latest cons is SIM swapping, which is the second phase of a phishing scam. Though not as profitable as large-scale hacking and skimming, it appeals to criminal gangs looking for a low-cost, low-risk, high-reward, EMV-circumventing racket."
USERNAME AND PASSWORD AUTHENTICATION BORDERS ON NEGLIGENCE IN MOBILE BANKING
"Earlier this week the Financial Conduct Authority announced that it will be publishing a full report in to mobile banking early next year, by revealing its initial findings and the potential risks to consumers concerning fraud, cybercrime and user error. In an article published by the BBC, the Director of Supervision at the FCA, Clive Adamson, states that: 'With the market growing, now is the right time for us to take stock and, as part of the FCA’s forward looking approach, to ensure that consumers are appropriately protected.'”
New 'Hesperbot' bank Trojan targets mobile authentication systems
"Security firm ESET is warning of an ambitious new banking Trojan designed to beat the mobile multi-factor authentication systems rolled out to defeat an older generation of malware. Named Spy.Hesperbot after its discovery in Mid-August, the Trojan comes with the usual tricks such as keylogging, video capture and html injection but adds cleverness in the form of a remote control VNC server and a mobile app for Symbian, Blackberry or Android smartphones."
UK mobile payments held back by security and complexity
"With only one in five UK consumers using their mobile to make payments, new research suggests that the technology is being held back by consumer fears over security, lengthy sign-up processes and problems making payments outside of individual schemes. Mobile payments specialist firm Zapp carried out a survey of 2,000 UK consumers, and found that 17% of them had made a mobile payment. Of these, some 60% were limited to simple bank transfers between accounts, rather than paying for goods and services. Of those making payments, one in five said there are not enough people and places to make payments and 18% said it was difficult to pay people who don’t use the same mobile payment system."
Monday, September 2, 2013
Mobile Banking Security - Sept 2
Mobile banking risks revealed by FCA
"Fraud and mistakes on fiddly keypads could create problems for people who use banking services on their mobile phones, a regulator has said. Consumers transferring money should be careful to enter correct details on the smaller keypads, the Financial Conduct Authority (FCA) said. They might also be using mobile banking late at night, which could affect their concentration when moving funds. The FCA is studying the potential risks to customers of mobile banking."
Cyber criminals crack two-factor bank authentications
"Users who swear by online banking are in for a shock as the McAfee Threats Report: Second Quarter 2013 has divulged details about a banking malware that helps cyber criminals steal SMSes to get access to people’s accounts. The research also brings to light some entertainment and dating applications which are actually meant to carry out data theft. And a significant number of ransomware samples have also been found. As many as 3,20,000 of these were unearthed in the first two quarters of 2013."
Mobile Threat Monday: Nasty Adware And A Master Key Mystery
"This week, Mobile Threat Monday looks at two of the biggest concerns for Android right now: adware and the so-called Android master key. Both have grabbed lots of headlines on SecurityWatch and with good reason. Careful readers will recall that the Android master key is an exploit that allows a malware creator to spoof the digital certificate of a different Android app. The upshot is that an attacker could create a malicious Trojan app that mimics a legitimate app, and pass off the malware as the genuine article."
Warning on mobile banking fraud risk
"Mobile banking users have been urged to take greater care when downloading applications that allow them to access their accounts on the go. The City watchdog has launched a review into the fraud risks associated with mobile banking and payments as take-up of the technology grows."
McAfee has released data that shows that these are the largest concerns in the current wireless environment.
"According to a report that was just released by McAfee Labs, “backdoor” Trojans and banking malware, which steal information from a device without the awareness of the victim, were the greatest threats to smartphone and tablet users during the second quarter of 2013."
Mobile Trojan Defeats Dual Authentication
"A new cross-device mobile Trojan that already has targeted online-banking customers has been linked to the same group that waged the successful High Roller attacks last summer. So far, customers of several top-tier institutions in Northern Europe and a handful in the U.S. have been victimized. The attackers behind the malware are believed to be Russian."
"Fraud and mistakes on fiddly keypads could create problems for people who use banking services on their mobile phones, a regulator has said. Consumers transferring money should be careful to enter correct details on the smaller keypads, the Financial Conduct Authority (FCA) said. They might also be using mobile banking late at night, which could affect their concentration when moving funds. The FCA is studying the potential risks to customers of mobile banking."
Cyber criminals crack two-factor bank authentications
"Users who swear by online banking are in for a shock as the McAfee Threats Report: Second Quarter 2013 has divulged details about a banking malware that helps cyber criminals steal SMSes to get access to people’s accounts. The research also brings to light some entertainment and dating applications which are actually meant to carry out data theft. And a significant number of ransomware samples have also been found. As many as 3,20,000 of these were unearthed in the first two quarters of 2013."
Mobile Threat Monday: Nasty Adware And A Master Key Mystery
"This week, Mobile Threat Monday looks at two of the biggest concerns for Android right now: adware and the so-called Android master key. Both have grabbed lots of headlines on SecurityWatch and with good reason. Careful readers will recall that the Android master key is an exploit that allows a malware creator to spoof the digital certificate of a different Android app. The upshot is that an attacker could create a malicious Trojan app that mimics a legitimate app, and pass off the malware as the genuine article."
Warning on mobile banking fraud risk
"Mobile banking users have been urged to take greater care when downloading applications that allow them to access their accounts on the go. The City watchdog has launched a review into the fraud risks associated with mobile banking and payments as take-up of the technology grows."
McAfee has released data that shows that these are the largest concerns in the current wireless environment.
"According to a report that was just released by McAfee Labs, “backdoor” Trojans and banking malware, which steal information from a device without the awareness of the victim, were the greatest threats to smartphone and tablet users during the second quarter of 2013."
Mobile Trojan Defeats Dual Authentication
"A new cross-device mobile Trojan that already has targeted online-banking customers has been linked to the same group that waged the successful High Roller attacks last summer. So far, customers of several top-tier institutions in Northern Europe and a handful in the U.S. have been victimized. The attackers behind the malware are believed to be Russian."
Thursday, August 29, 2013
Mobile Banking Security - Aug 29
Banking Malware Dominates New Mobile Security Threats: McAfee
"Banking malware and "backdoor" Trojans, which steal data from a computer without the victim realizing it, were the most popular mobile threats unleashed during the second quarter, according to a report released this week by McAfee Labs. The company found more than 17,000 new strains of malware targeting Android devices during the three-month period — a 35% growth rate, higher than any the company has seen since 2010. All told, McAfee now counts 147 million types of malware in its database."
Mobile Malware Rebounds and Keeps Growing, Report Says
"After decreasing slightly in the first three months of this year, mobile malware has rebounded, with 17,000 new Android malware species detected in the second quarter of 2013, according to a new report by security firm McAfee. This rise indicates that cyber criminals are focusing their efforts on infecting smartphones rather than computers, as people are using their phones more frequently — particularly for activities that were traditionally done with a computer, such as online banking."
Ransomware and Android become tastiest targets for cyber crooks
"Ransomware and banking-focused mobile malware are cyber criminals' new must-have items, according to security provider McAfee. McAfee reported seeing a marked spike in the number of ransomware and mobile banking attacks active in the wild in its Second Quarter Threat Report [PDF]. The McAfee report highlighted ransomware as the fastest-growing attack type, revealing that the number of computer-hijacking malware detected has more than doubled in the last four months."
Mobile Banking Now 20% Of All Online Financial Transactions
"iovation, stopping Internet fraud and identifying good online customers with the world's most comprehensive device reputation database, today announced that it and CEB TowerGroup will detail the unique security risks that accompany the rapid adoption of mobile banking in an upcoming webinar. Max Anhoury, iovation's Vice President of Global Sales, and Jason Malo, Research Director at CEB TowerGroup, will host the webinar entitled "Mobile Banking Security: Risks and Consequences" on Wednesday, August 21, 2013, at 10 a.m. Pacific Daylight Time."
IT security experts identify growing threat of fake mobile banking apps
"In its second quarterly threats report for 2013 (38-page / 2.61MB PDF), McAfee said that hackers are using "banking malware" that allows them to access text messages sent by banks to their customers that ask for extra security details to be entered before giving access to accounts. The malicious software sends hackers a copy of the text messages issued by the banks, it said."
Risks of Online Banking
"With just a quick snap of a picture or a few taps on you cell phone, you can transfer money, cash a check, and do practically all of your banking online. But you could be jeopardizing not only your banking and savings accounts, but your online security. If you think twice before accessing banking information on your cell phone, you're not alone. Even though smart phone use has sky rocketed over the years, the more mobile banking capabilities that are available to you has had a big down side. Having this technology right at your finger tips has made consumers more concerned about sharing their personal financial information over the phone."
"Banking malware and "backdoor" Trojans, which steal data from a computer without the victim realizing it, were the most popular mobile threats unleashed during the second quarter, according to a report released this week by McAfee Labs. The company found more than 17,000 new strains of malware targeting Android devices during the three-month period — a 35% growth rate, higher than any the company has seen since 2010. All told, McAfee now counts 147 million types of malware in its database."
Mobile Malware Rebounds and Keeps Growing, Report Says
"After decreasing slightly in the first three months of this year, mobile malware has rebounded, with 17,000 new Android malware species detected in the second quarter of 2013, according to a new report by security firm McAfee. This rise indicates that cyber criminals are focusing their efforts on infecting smartphones rather than computers, as people are using their phones more frequently — particularly for activities that were traditionally done with a computer, such as online banking."
Ransomware and Android become tastiest targets for cyber crooks
"Ransomware and banking-focused mobile malware are cyber criminals' new must-have items, according to security provider McAfee. McAfee reported seeing a marked spike in the number of ransomware and mobile banking attacks active in the wild in its Second Quarter Threat Report [PDF]. The McAfee report highlighted ransomware as the fastest-growing attack type, revealing that the number of computer-hijacking malware detected has more than doubled in the last four months."
Mobile Banking Now 20% Of All Online Financial Transactions
"iovation, stopping Internet fraud and identifying good online customers with the world's most comprehensive device reputation database, today announced that it and CEB TowerGroup will detail the unique security risks that accompany the rapid adoption of mobile banking in an upcoming webinar. Max Anhoury, iovation's Vice President of Global Sales, and Jason Malo, Research Director at CEB TowerGroup, will host the webinar entitled "Mobile Banking Security: Risks and Consequences" on Wednesday, August 21, 2013, at 10 a.m. Pacific Daylight Time."
IT security experts identify growing threat of fake mobile banking apps
"In its second quarterly threats report for 2013 (38-page / 2.61MB PDF), McAfee said that hackers are using "banking malware" that allows them to access text messages sent by banks to their customers that ask for extra security details to be entered before giving access to accounts. The malicious software sends hackers a copy of the text messages issued by the banks, it said."
Risks of Online Banking
"With just a quick snap of a picture or a few taps on you cell phone, you can transfer money, cash a check, and do practically all of your banking online. But you could be jeopardizing not only your banking and savings accounts, but your online security. If you think twice before accessing banking information on your cell phone, you're not alone. Even though smart phone use has sky rocketed over the years, the more mobile banking capabilities that are available to you has had a big down side. Having this technology right at your finger tips has made consumers more concerned about sharing their personal financial information over the phone."
Wednesday, August 21, 2013
Mobile Banking Security - Aug 21
Solution protects smartphones from mobile banking fraud
"Easy Solutions released Detect Safe Browsing (DSB) version 4.0, allowing financial institutions to provide an additional layer of fraud prevention to end users by protecting against malware and other sophisticated threats such as, pharming, man-in-the-middle and man-in-the browser attacks. With DSB 4.0, Easy Solutions now extends this support to the two most popular mobile platforms: Android and iOS, ensuring that over 90% of mobile users can securely access their mobile banking accounts."
Surge in Mobile Banking Creates a Security Gap That's a 'Wild West' for Fraudsters
"Think about it. Do you know anyone who writes checks anymore? Online banking has become ubiquitous as more people turn to their smartphones to carry out daily tasks. Still, while it may be more efficient, using your phone to make financial transactions could raise security risks. Portland, Ore.-based online fraud detection company iovation tracked online financial transactions across 1.5 billion devices in July and found that 20 percent were done through a mobile device or tablet. That's an increase over the 18 percent of online financial transactions done on a mobile device between January and July of this year, and 11 percent last year, according to a statement the company released today."
Why Online Banking Is Safer on a Mobile Phone
"A few years ago, security experts thought you'd be crazy to access an online bank account from a mobile phone. Mobile Web browsers hid URLs, making it easy for cybercriminals to impersonate banking sites. The Wireless Application Protocol mobile-Web standard offered limited security. Even after the introduction of smartphones, banks' stand-alone apps were often poorly designed. "We've seen a few examples where it became clear the mobile finance apps didn't quite receive the same level of security scrutiny as their traditional counterparts," Roel Schouwenberg, a senior researcher at Kaspersky Lab, stated in a TechNewsDaily article as recently as May 2012."
Squashing the Bugs in Mobile Banking
"As mobile banking and commerce have taken off, so too have the number of bugs in wireless systems. Here's a look at how some industry leaders are exterminating them and what it means for banks."
IBM to Buy Trusteer for Mobile Security and Fraud Protection
"With rumors swirling the deal is in the US$ 1 billion range, this represents an enormous investment in cloud based security software, and specifically, in mobile, application, malware, counter fraud, financial crimes and advanced threat security. Trusteer apparently has the abiltiy to identify security threats that other systems tend to miss, according to an IBM statement, and seven of the top 10 US banks use its software to secure customer accounts. That Trusteer offers a Saas model for securiy delivery, it should be able to provide PC, desktop, smartphone and tablet security updates in as close to real time as possible."
FOR FINANCES, BANK ON YOUR SMARTPHONE
"Here’s something that surprised me: Experts are saying that banking on a smartphone is safer than banking on your PC. I know, right? It seems to go against all logic, but the pro-smartphone people have some very good points. People always know where their phone is. I know I have forgotten my iPhone at home or work twice since I bought my first one in 2007, and I have never left it behind at a store or restaurant. That’s typical. Ninety-one percent of Americans have their phone at arm’s length 24 hours a day, according to a Morgan Stanley study."
"Easy Solutions released Detect Safe Browsing (DSB) version 4.0, allowing financial institutions to provide an additional layer of fraud prevention to end users by protecting against malware and other sophisticated threats such as, pharming, man-in-the-middle and man-in-the browser attacks. With DSB 4.0, Easy Solutions now extends this support to the two most popular mobile platforms: Android and iOS, ensuring that over 90% of mobile users can securely access their mobile banking accounts."
Surge in Mobile Banking Creates a Security Gap That's a 'Wild West' for Fraudsters
"Think about it. Do you know anyone who writes checks anymore? Online banking has become ubiquitous as more people turn to their smartphones to carry out daily tasks. Still, while it may be more efficient, using your phone to make financial transactions could raise security risks. Portland, Ore.-based online fraud detection company iovation tracked online financial transactions across 1.5 billion devices in July and found that 20 percent were done through a mobile device or tablet. That's an increase over the 18 percent of online financial transactions done on a mobile device between January and July of this year, and 11 percent last year, according to a statement the company released today."
Why Online Banking Is Safer on a Mobile Phone
"A few years ago, security experts thought you'd be crazy to access an online bank account from a mobile phone. Mobile Web browsers hid URLs, making it easy for cybercriminals to impersonate banking sites. The Wireless Application Protocol mobile-Web standard offered limited security. Even after the introduction of smartphones, banks' stand-alone apps were often poorly designed. "We've seen a few examples where it became clear the mobile finance apps didn't quite receive the same level of security scrutiny as their traditional counterparts," Roel Schouwenberg, a senior researcher at Kaspersky Lab, stated in a TechNewsDaily article as recently as May 2012."
Squashing the Bugs in Mobile Banking
"As mobile banking and commerce have taken off, so too have the number of bugs in wireless systems. Here's a look at how some industry leaders are exterminating them and what it means for banks."
IBM to Buy Trusteer for Mobile Security and Fraud Protection
"With rumors swirling the deal is in the US$ 1 billion range, this represents an enormous investment in cloud based security software, and specifically, in mobile, application, malware, counter fraud, financial crimes and advanced threat security. Trusteer apparently has the abiltiy to identify security threats that other systems tend to miss, according to an IBM statement, and seven of the top 10 US banks use its software to secure customer accounts. That Trusteer offers a Saas model for securiy delivery, it should be able to provide PC, desktop, smartphone and tablet security updates in as close to real time as possible."
FOR FINANCES, BANK ON YOUR SMARTPHONE
"Here’s something that surprised me: Experts are saying that banking on a smartphone is safer than banking on your PC. I know, right? It seems to go against all logic, but the pro-smartphone people have some very good points. People always know where their phone is. I know I have forgotten my iPhone at home or work twice since I bought my first one in 2007, and I have never left it behind at a store or restaurant. That’s typical. Ninety-one percent of Americans have their phone at arm’s length 24 hours a day, according to a Morgan Stanley study."
Tuesday, July 16, 2013
Mobile Banking Security - July 16
New Report: Consumers Say Security No. 1 Concern in Mobile Banking
"Security fears are the no. 1 barrier banks must face when introducing mobile banking to customers, according to a recent survey conducted by Monitise, which found that 70% of the respondents viewed security as a major concern in mobile banking. The survey also found that 71% of respondents ranked security as “highly important” in choosing or switching banks. Roughly 90% of users say they enter a user name and password to access mobile banking apps. Approximately half prefer to combine user name/password with knowledge-based answers and visual keys. And 68% indicated biometric features are important to them, while 35% say they are willing to pay extra for those features."
Fake CommBank Android security app targets mobile customers
"Online criminals are peddling a new mobile banking scam designed to bypass the Commonwealth Bank’s SMS authentication process for online transactions, by intercepting text messages and hijacking verification codes. Russian forensics firm Group-IB has uncovered the mobile banking trojan “hardcore88” being sold on Russian-language underground forums for Android devices. The trojan poses as a security app from CommBank, and is designed to block calls from the victim’s bank and capture incoming SMS messages that would otherwise carry the one-time verification passcode required to complete an online transaction."
Mobile Check Deposit Boom Brings Risks
"Mobile check deposit, once a low priority technology for banks, has become one of the most sought out mobile banking app features. But along with popularity and increased use, the potential for fraud is emerging for smartphone check deposits. A recent report from ath Power Consulting identifies remote deposit capture as mobile banking users' most desired app feature."
New Breed of Software Detects Malware from a Distance
"The biggest security threat banks face — malware that pervades their online and mobile banking users' devices — is being met by an increasingly sophisticated class of software called clientless malware detection. Mobile malware increased more than 600% in the past year, according to a recent survey from Juniper Networks — the number of malicious mobile apps has grown to 276,000."
Better Business Bureau: Mobile banking requires safeguards
"I listened intently as my wife worked her cellphone, punching in numbers, speaking to an automated answering system and entering verification codes. 'Make a payment,' she said in a loud, monotone voice. She completed her transaction, and I interjected: 'I thought you said you'd never use your cellphone to do your banking.' Her reply? 'Everything is getting safer in banking with mobile devices. Why not?'"
"Security fears are the no. 1 barrier banks must face when introducing mobile banking to customers, according to a recent survey conducted by Monitise, which found that 70% of the respondents viewed security as a major concern in mobile banking. The survey also found that 71% of respondents ranked security as “highly important” in choosing or switching banks. Roughly 90% of users say they enter a user name and password to access mobile banking apps. Approximately half prefer to combine user name/password with knowledge-based answers and visual keys. And 68% indicated biometric features are important to them, while 35% say they are willing to pay extra for those features."
Fake CommBank Android security app targets mobile customers
"Online criminals are peddling a new mobile banking scam designed to bypass the Commonwealth Bank’s SMS authentication process for online transactions, by intercepting text messages and hijacking verification codes. Russian forensics firm Group-IB has uncovered the mobile banking trojan “hardcore88” being sold on Russian-language underground forums for Android devices. The trojan poses as a security app from CommBank, and is designed to block calls from the victim’s bank and capture incoming SMS messages that would otherwise carry the one-time verification passcode required to complete an online transaction."
Mobile Check Deposit Boom Brings Risks
"Mobile check deposit, once a low priority technology for banks, has become one of the most sought out mobile banking app features. But along with popularity and increased use, the potential for fraud is emerging for smartphone check deposits. A recent report from ath Power Consulting identifies remote deposit capture as mobile banking users' most desired app feature."
New Breed of Software Detects Malware from a Distance
"The biggest security threat banks face — malware that pervades their online and mobile banking users' devices — is being met by an increasingly sophisticated class of software called clientless malware detection. Mobile malware increased more than 600% in the past year, according to a recent survey from Juniper Networks — the number of malicious mobile apps has grown to 276,000."
Better Business Bureau: Mobile banking requires safeguards
"I listened intently as my wife worked her cellphone, punching in numbers, speaking to an automated answering system and entering verification codes. 'Make a payment,' she said in a loud, monotone voice. She completed her transaction, and I interjected: 'I thought you said you'd never use your cellphone to do your banking.' Her reply? 'Everything is getting safer in banking with mobile devices. Why not?'"
Tuesday, June 18, 2013
Mobile Banking Security - June 18
POLICE: Louisville man steals thousands via mobile banking
"A Louisville man has been arrested after police say he used mobile banking to steal thousands of dollars from multiple Kroger stores. Police say 34-year-old Boma Robert Spero-Jack went into several different Kroger stores and purchased at least 32 Western Union money orders. Each money order was issued for an amount between $195 and $500, according to an arrest report."
Mobile Banking On Unsecure Wireless Networks Is Risky Business
"Mobile banking is exploding. According to a new study from Yodlee Interactive, while physical banks continue their decline, nearly a third of U.S. adults with a bank account say they use a mobile device to access their banking information. The study conducted by Harris Interactive found that close to half of those with a bank account access their banking information on their smartphone compared to 36% of tablet owners who have a bank account."
Lenders work to make mobile banking safer and more convenient
"As more and more people use smartphones for everything from paying bills to making deposits and checking statements, banks are working to meet customer demands for faster and securer mobile options. A March report by the Federal Reserve shows that as of Nov. 28 percent of all mobile phone users and 48 percent of smartphone users had used mobile banking in the past 12 months. This was an increase of 7 percentage points from December 2011."
New Breed of Banking Malware Hijacks Text Messages
"Out of band authentication — communicating with a customer outside of his mobile banking app to verify his identity or a specific transaction — is a generally respected means of deflecting mobile banking fraud. But RSA's Anti-Fraud Command Center on Monday found and reported on a Trojan called Bugat that has been updated to hijack out-of-band authentication codes sent to bank customers via SMS. This doesn't mean out-of-band authentication via text messaging is useless, but it can be compromised using a dated, unsophisticated piece of malware."
Considering Mobile Authentication: The Why, the What and the How
"It's the single biggest banking innovation of our lives. Mobile banking is quickly becoming the channel of choice for customers, forcing banking institutions to deploy mobile solutions ahead of their strategies. What are the risks? How can institutions deputize customers to ensure mobile banking security? Join banking and security leaders from Citibank and VASCO Data Security for a frank discussion about how to create a mobile banking roadmap, including:"
Faces of Fraud: New Survey Debuts
"How are banking institutions responding to increasing cross-channel fraud attacks, and where are they making their biggest investments to enhance authentication for online and mobile banking? These are just two of the questions posed by our annual Faces of Fraud Survey, which we just launched. If you have not yet responded to this survey, please take a few moments to participate: 2013 Faces of Fraud: The Threat Evolution."
"A Louisville man has been arrested after police say he used mobile banking to steal thousands of dollars from multiple Kroger stores. Police say 34-year-old Boma Robert Spero-Jack went into several different Kroger stores and purchased at least 32 Western Union money orders. Each money order was issued for an amount between $195 and $500, according to an arrest report."
Mobile Banking On Unsecure Wireless Networks Is Risky Business
"Mobile banking is exploding. According to a new study from Yodlee Interactive, while physical banks continue their decline, nearly a third of U.S. adults with a bank account say they use a mobile device to access their banking information. The study conducted by Harris Interactive found that close to half of those with a bank account access their banking information on their smartphone compared to 36% of tablet owners who have a bank account."
Lenders work to make mobile banking safer and more convenient
"As more and more people use smartphones for everything from paying bills to making deposits and checking statements, banks are working to meet customer demands for faster and securer mobile options. A March report by the Federal Reserve shows that as of Nov. 28 percent of all mobile phone users and 48 percent of smartphone users had used mobile banking in the past 12 months. This was an increase of 7 percentage points from December 2011."
New Breed of Banking Malware Hijacks Text Messages
"Out of band authentication — communicating with a customer outside of his mobile banking app to verify his identity or a specific transaction — is a generally respected means of deflecting mobile banking fraud. But RSA's Anti-Fraud Command Center on Monday found and reported on a Trojan called Bugat that has been updated to hijack out-of-band authentication codes sent to bank customers via SMS. This doesn't mean out-of-band authentication via text messaging is useless, but it can be compromised using a dated, unsophisticated piece of malware."
Considering Mobile Authentication: The Why, the What and the How
"It's the single biggest banking innovation of our lives. Mobile banking is quickly becoming the channel of choice for customers, forcing banking institutions to deploy mobile solutions ahead of their strategies. What are the risks? How can institutions deputize customers to ensure mobile banking security? Join banking and security leaders from Citibank and VASCO Data Security for a frank discussion about how to create a mobile banking roadmap, including:"
Faces of Fraud: New Survey Debuts
"How are banking institutions responding to increasing cross-channel fraud attacks, and where are they making their biggest investments to enhance authentication for online and mobile banking? These are just two of the questions posed by our annual Faces of Fraud Survey, which we just launched. If you have not yet responded to this survey, please take a few moments to participate: 2013 Faces of Fraud: The Threat Evolution."
Wednesday, June 12, 2013
Mobile Banking Updates - June 12
B of A's Gopalkrishnan Uses 'Hackathons' to Create Mobile Apps
"Like most of the bankers we profiled this year, Hari Gopalkrishnan, managing director, consumer and wealth management, ecommerce technology, consumer banking architecture and segments technology executive for Bank of America Merrill Lynch speaks of simplicity in mobile banking design and user experience."
Feeling Insecure About Mobile Banking? You're Not Alone
"It's a scary cyber-world out there, and fear concerning Internet security is one of the top reasons that bank customers avoid mobile banking. For banks, expanding mobile offerings is win-win, enabling them to shutter expensive branch locations while opening newer, more modern spaces that cater to banking via the Internet. So, what do banks need to do to assuage customers' fears about mobile banking -- and, more importantly, what is being done to improve security measures to protect consumers' private information?"
Wells Fargo & Co (WFC), Bank of America Corp (BAC) & Citigroup Inc (C): Feeling Insecure About Mobile Banking? You’re Not Alone
"It's a scary cyber-world out there, and fear concerning Internet security is one of the top reasons that bank customers avoid mobile banking. For banks, expanding mobile offerings is win-win, enabling them to shutter expensive branch locations while opening newer, more modern spaces that cater to banking via the Internet. So, what do banks need to do to assuage customers' fears about mobile banking -- and, more importantly, what is being done to improve security measures to protect consumers' private information?"
Blackhawk and Monitise in mobile gift card partnership
"Blackhawk Network and Monitise are partnering to make mobile gift card purchasing available to consumers through certain banks and financial institutions in the US. In addition, the companies intend to expand their relationship into additional markets. Prepaid gift cards from Blackhawk Network's popular GiftCardMall will be available to consumers for purchase from participating banks and payment companies' mobile wallets, powered by Monitise. With this new relationship, Blackhawk's extensive network will integrate into Monitise's mobile banking ecosystem, making it easier for consumers to purchase Blackhawk gift cards from popular retail brands via mobile."
Mobile Banking Is Mainstream — What About Security, ROI, Payments?
"Sitting alone at the back of a hotel meeting room, Theodore Iacobuzio had a stern message for bankers: "The train is leaving the station," said Iacobuzio, a MasterCard executive, referring to the emerging mobile payment economy. 'You have to get on.' Earlier that Wednesday, Iacobuzio had spoken on a panel at the Mobile Banking and Commerce Summit in Miami about using data to drive relevant offers to cardholders. Mobile banking and payments are at the forefront of his mind."
Threat of the Week: Mayhem in the Mobile Browser
"It’s coming. For the past five years warnings of a coming assault by cybercriminals on mobile banking have kept getting louder. Yet the plain fact is that successful attacks on the mobile channel in the United States have been scarce. 'Mobile threats remain nascent,' said Vince Arneja, a vice president at security firm Arxan. But just maybe that’s about to change, mainly because more cyber crooks are putting more energy into mobile and, lately, there are signs that the bad guys are starting to cash in on a vulnerability that is found on just about every smartphone."
Consumers Calling the Shots in Mobile Banking
"In mobile banking, customers are faster at conveying what they want than banks are at delivering the goods. That was one of the main messages conveyed by a panel of bank technologists at the Mobile Banking and Commerce Summit on Tuesday. The customer in control marks a wild transformation from years past, when banks waited for account holders to call them. Such a passive communication approach is no longer acceptable for financial institutions."
"Like most of the bankers we profiled this year, Hari Gopalkrishnan, managing director, consumer and wealth management, ecommerce technology, consumer banking architecture and segments technology executive for Bank of America Merrill Lynch speaks of simplicity in mobile banking design and user experience."
Feeling Insecure About Mobile Banking? You're Not Alone
"It's a scary cyber-world out there, and fear concerning Internet security is one of the top reasons that bank customers avoid mobile banking. For banks, expanding mobile offerings is win-win, enabling them to shutter expensive branch locations while opening newer, more modern spaces that cater to banking via the Internet. So, what do banks need to do to assuage customers' fears about mobile banking -- and, more importantly, what is being done to improve security measures to protect consumers' private information?"
Wells Fargo & Co (WFC), Bank of America Corp (BAC) & Citigroup Inc (C): Feeling Insecure About Mobile Banking? You’re Not Alone
"It's a scary cyber-world out there, and fear concerning Internet security is one of the top reasons that bank customers avoid mobile banking. For banks, expanding mobile offerings is win-win, enabling them to shutter expensive branch locations while opening newer, more modern spaces that cater to banking via the Internet. So, what do banks need to do to assuage customers' fears about mobile banking -- and, more importantly, what is being done to improve security measures to protect consumers' private information?"
Blackhawk and Monitise in mobile gift card partnership
"Blackhawk Network and Monitise are partnering to make mobile gift card purchasing available to consumers through certain banks and financial institutions in the US. In addition, the companies intend to expand their relationship into additional markets. Prepaid gift cards from Blackhawk Network's popular GiftCardMall will be available to consumers for purchase from participating banks and payment companies' mobile wallets, powered by Monitise. With this new relationship, Blackhawk's extensive network will integrate into Monitise's mobile banking ecosystem, making it easier for consumers to purchase Blackhawk gift cards from popular retail brands via mobile."
Mobile Banking Is Mainstream — What About Security, ROI, Payments?
"Sitting alone at the back of a hotel meeting room, Theodore Iacobuzio had a stern message for bankers: "The train is leaving the station," said Iacobuzio, a MasterCard executive, referring to the emerging mobile payment economy. 'You have to get on.' Earlier that Wednesday, Iacobuzio had spoken on a panel at the Mobile Banking and Commerce Summit in Miami about using data to drive relevant offers to cardholders. Mobile banking and payments are at the forefront of his mind."
Threat of the Week: Mayhem in the Mobile Browser
"It’s coming. For the past five years warnings of a coming assault by cybercriminals on mobile banking have kept getting louder. Yet the plain fact is that successful attacks on the mobile channel in the United States have been scarce. 'Mobile threats remain nascent,' said Vince Arneja, a vice president at security firm Arxan. But just maybe that’s about to change, mainly because more cyber crooks are putting more energy into mobile and, lately, there are signs that the bad guys are starting to cash in on a vulnerability that is found on just about every smartphone."
Consumers Calling the Shots in Mobile Banking
"In mobile banking, customers are faster at conveying what they want than banks are at delivering the goods. That was one of the main messages conveyed by a panel of bank technologists at the Mobile Banking and Commerce Summit on Tuesday. The customer in control marks a wild transformation from years past, when banks waited for account holders to call them. Such a passive communication approach is no longer acceptable for financial institutions."
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