Think Your Banking App is Safe? Be Careful!

May 1st, 2013

We are all aware of (or should be!) the security risks we take in conducting private business like banking through various mobile computer applications. We also believe that our banks are just as thoroughly concerned with online safety problems and take care to ensure their websites and mobile apps are completely secure. And one hand, that is true…banks don’t want to get hacked and have private information stolen any more than we do.

However, banking institutions (and other businesses) may try to make customers feel more secure about using mobile apps than we should be. They may be able to guarantee information is safeguarded and encrypted on their end with the software technology and procedures they employ, but they cannot guarantee the same security on the user’s end. In order for any mobile transactions to be safe from theft and fraud, there must be safety and security on both ends – consumer and business.

There are some issues on the consumers’ side of things that can make the banks’ safety measures useless in protecting their information. If a mobile operating system has security gaps and vulnerabilities, or if there was already malware or spyware on the mobile device before using banking apps, the banks security features can be nullified making the transactions an unacceptable security risk.

For more technical details and information, see http://www.zdnet.com/banking-apps-not-safe-from-os-vulnerabilities-7000011359/.