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January 23, 2014

Are Mobile Banking Apps Dangerous to Your Wealth?

Are Mobile Banking Apps Dangerous to Your Wealth?

Main Street, By Robert McGarvey

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.

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