Mobile banking on Android phones could put consumers at risk of fraud and cost banks millions a year global IT security firm MWR InfoSecurity has warned.
MWR Labs, the research arm of MWR InfoSecurity, investigated the security standards of leading Android mobile phone brands to determine the overall exposure to risk of consumers who use mobile devices phones for online banking. Recent research has shown that Android is now the leading phone platform with over 50% market share, driving the development of mobile banking apps for the Android Environment. Results indicated that on some handsets as many as 64% of manufacturer added applications were exposing users to serious security issues.
"We found that while banking apps were generally well written and had very few security issues, the integrity of consumer phones was often compromised by software provided by the phone manufacturer or additional software added by the network provider, exposing online banking customers...| Read more »