With the improvements in technology the world over, the financial sector has not been left behind. Millions of people have embraced the fundamental change that is mobile banking. People are using a wide range of mobile devices to perform their banking transactions, with millions more expected to join in the trend in the coming years and months. Security is crucial in almost every app, but with banking related apps, the need for security is even more urgent. This is and should continue to be the biggest priority when building an app, but recent revelations by security researchers have revealed shocking results of security surveys. Оur company has decided to explore this problem in details.

Strategy and research company javelin showed that the use of mobile banking grew by up to 63 per cent in 2011, and the adoption rate continued just as highly or even higher in the following months. With the evolution of technology comes the evolution of security concerns. Some of the growing concerns include the risk of compromise through mobile malware. These include Trojans, root kits and viruses. These types of risks are uniquely placed to take advantage of the move from the traditional online banking to mobile banking. Other threats are third party applications which can gain access to user information on the more trusted mobile banking applications.


Use of unsecure Wi-Fi networks can also be another source of compromise of the security of sensitive information. The most crucial vulnerability and perhaps hardest to anticipate or control involves the behavior of the users. People often think the apps have inbuilt security mechanisms, which they do, and forget their own responsibility of keeping their devices secure. Download of apps from unsafe locations, use of unsecure networks, opening texts and clicking on links in emails is one of the ways that the user can compromise their own security.

Researcher Ariel Sanchez revealed shocking results of a survey. He published his findings after reviewing mobile banking apps in iPhones and iPads from among the top 60 banks in the world. He found that up to 90 per cent of apps dealing with mobile banking provided by the top banks have serious security vulnerabilities that could lead to the loss of sensitive banking information. Here are a few highlights of what the survey revealed. Some of the terminology might be a bit complex for the average person. He found that up to 20 per cent of the apps did not have technology to protect them from attacks that corrupt memory. Up to 40 per cent of the audited apps did not have validated SSL certificates.

Others were susceptible to JavaScript injections through the UIWebview implementations. These allowed the fraudsters to edit the source code, thus manipulating them to perform tasks on behalf of the owner of the mobile device. They could manipulate the devices to perform actions like sending an SMS from the victim’s device. Up to 90 per cent of the mobile apps contain links that provided the opportunity for fraudsters to gain access to information. In such cases you should necessary address to your bank for blocked account, turn off your phone or use mobile phone jammers. This is a worrying trend and serious steps have to be taken to mitigate these potential losses.

 

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