The "bad-news" multiple
research reports - claiming wholesale security flaws in mobile banking apps
- keep winning headlines.
And they have to scare you.
Praetorian, a security firm, said in
its report that eight of ten mobile banking apps
contain security weaknesses.
IOActive Labs Research claimed in
its report that 90% of iOS financial services apps
contain grievous flaws that put users at risk.
The question has to be asked: Is it
now too risky even to think about using mobile banking apps?
Dennis Fisher, security evangelist
at Kaspersky Lab, which probes Internet vulnerabilities, noted: "Consumers
need to weight the convenience of these banking apps against the risks that
some of them present. Much of security is about trade-offs, and this is no
different. Users should be very concerned about the vulnerabilities found in
these apps.... There are too many well-known attacks that can be used to intercept
plaintext traffic and steal users' credentials." Read more.