Don’t move your wallet onto your phone yet
TweetFollow Us on Twitter

Don’t move your wallet onto your phone yet

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 to potential fraud," Harry Grobbelaar, MWR’s managing director in South Africa, said. "Some of the leading Android handset manufacturers are already looking at shipping mobile devices with native near-field communication (NFC) payment functionalities but if the software in the phones is not secure, the risk will then be even higher."

More to the point, the increasing number of merchants moving to smartphone based Point of Sale (POS) devices, for example using Bluetooth or directly connected chip-and-pin accessories for iPhone or Android, indicates that mobile phones will become a critical element in the payment chain and if not adequately protected, they could introduce additional risks for card fraud that could cost banks millions a year.

The above findings were illustrated by the ruling on HTC by the Federal Trade Commission in the United States on Feb. 22 that required immediate action by HTC to address security weaknesses in the software developed for its mobile devices that allowed location tracking and the theft of personal information stored on users phones.

The MWR Labs looked at six classes of potential vulnerabilities in apps and packages in the leading brands and mobile phones using a modified version of Mercury, its security testing framework, to automatically scan the devices and identify security weaknesses.

The research discovered security vulnerabilities in software added by phone manufacturers or network providers which could be targeted by a malicious application inadvertently downloaded by the user. These weak apps often have more permissions that allow them to access contacts, make telephone calls and even record the content of those calls, meaning that the potential consequences are serious and sensitive data could be compromised. Other applications were found that allowed further apps to be installed with an arbitrary set of permissions, essentially leaving consumers fully exposed to fraud.

Grobbelaar adds: "The move by consumers away from PCs for online banking to mobile platforms will inevitably be followed by the criminal gangs who have been successfully targeting online banking for years. We have already seen many examples of malicious apps sending premium rate text messages and expect there will be a natural progression to higher value areas such as payments and banking."
MWR InfoSecurity supplies services which support clients in identifying, managing and mitigating their Information Security risks."


Community Search:
MacTech Search:

Software Updates via MacUpdate

Facility 47 (Games)
Facility 47 1.0.1 Device: iOS Universal Category: Games Price: $3.99, Version: 1.0.1 (iTunes) Description: You wake up alone and freezing in an icy cell. You try the cell door but it’s locked, it seems that you are stuck with no... | Read more »
The Walking Dead: No Man’s Land guide -...
A new update for The Walking Dead: No Man’s Land was released last week, making it the perfect time for you to head back to your base and take out some walkers. Here’s the lowdown on what’s new to the game, and how to take advantage. [Read more] | Read more »
Goat Rider guide - Tips and tricks to st...
We've all been there. One second, we're riding high on a crazed goat, and the next, we've been tossed off it like someone who's no good at goat ridin'. [Read more] | Read more »
Real Boxing 2 CREED: How to become a gre...
Just in time for Rocky fans who can’t wait to see CREED, the latest movie, we have the official tie-in game,Real Boxing 2 CREED. It builds on the success of its predecessor and there’s lots to take in so we at 148apps thought we’d run you through... | Read more »
CoinOp Heroes 2 guide - How to build an...
CoinOp Heroes 2 justlaunched and, like all clickers, it's dangerously addictive stuff. You have to furiously tap your screen to defeat wave after wave of foes and earn an insane amount of cash to spend on character upgrades and an army of minions... | Read more »
Dr. Panda Firefighters (Education)
Dr. Panda Firefighters 1.0.1 Device: iOS Universal Category: Education Price: $2.99, Version: 1.0.1 (iTunes) Description: FIGHT FIRES AND SAVE THE DAY!Work together with Dr. Panda and his firefighting team to rescue his trapped... | Read more »
Puddle + (Games)
Puddle + 1.0 Device: iOS iPhone Category: Games Price: $2.99, Version: 1.0 (iTunes) Description: Puddle is back in a new "+" edition featuring enhanced graphics, new videos and Apple TV support ! No IAP and No Ads. Dive into Puddle... | Read more »
Football Manager Mobile 2016 (Games)
Football Manager Mobile 2016 7.0.0 Device: iOS Universal Category: Games Price: $8.99, Version: 7.0.0 (iTunes) Description: Football Manager Mobile 2016 is designed to be played on the move and is the quickest way to manage your... | Read more »
Kill Shot Bravo guide - How to become an...
Kill Shot Bravo is a disturbing amount of fun. No matter how many times I play a game that encourages me to snipe people in the head, I feel a little uneasy at how satisfying it is. Here are some useful tips to get you started on your path to... | Read more »
The best note-taking app on iPhone and i...
Word processors are handy and all, but sometimes you just want to make a quick note. Whether it's to jot down your shopping list, some quick song lyrics, or a phone number, the ease of use of a note-taking app easily surpasses that of a heftier... | Read more »

Price Scanner via

Al Jazeera Launches New iOS And Android Mobil...
Doha, Qatar based Al Jazeera has launched new mobile and tablet apps on the iOS and Android systems bringing the latest Al Jazeera news and programmes live together with on-demand personalisation.... Read more
B&H Photo Holiday Sale: Up to $250 off Ma...
B&H Photo has all new Macs on sale for up to $500 off MSRP as part of their Holiday sale including free shipping plus NY sales tax only: - 15″ 2.2GHz Retina MacBook Pro: $1799 $200 off - 15″ 2.... Read more
Free Aura ‘Ultimate’ Mac App For Gmail Update...
Miami, Florida based Crosscoded has announced Aura 1.2.0, an update to the Mac app for Gmail. Aura mixes the power of a native client with the flexibility of the Gmail web app with support for up to... Read more
Apple Will Edge Closer to Samsung in Smartpho...
Total smartphone shipments for 2015 are projected to decline by 9.7% to 1.286 billion units, according to the latest report from global market research firm TrendForce. Though Chinese vendors have... Read more
12-inch MacBooks in stock for up to $120 off,...
Adorama has 12″ Retina MacBooks in stock for up to $120 off MSRP including free shipping plus NY & NJ sales tax only. For a limited time, Adorama will include a free Apple USB-C to USB Adapter,... Read more
Save 15% with Apple refurbished Mac Pros
The Apple Store has Apple Certified Refurbished Mac Pros available for up to $600 off the cost of new models. An Apple one-year warranty is included with each Mac Pro, and shipping is free. The... Read more
iPod touch (6th Gen) on sale for $40-$60 off...
Save $40 to $60 on a 6th generation iPod touch at Target with free shipping or free local store pickup (if available). Sale prices for online orders only, in-store prices may vary: - 16GB iPod touch... Read more
13-inch 1.6GHz MacBook Air on sale for $849,...
Best Buy has the 2015 13″ 1.6GHz/128GB MacBook Air on sale for $849.99 on their online store. Choose free shipping or free local store pickup (if available). Sale price for online orders only, in-... Read more
Apple refurbished 15-inch 2.2GHz Retina MacBo...
Apple has Certified Refurbished 2014 15″ 2.2GHz Retina MacBook Pros available for $1609, $390 off original MSRP. Apple’s one-year warranty is included, and shipping is free. Read more
Weekend sale: 13-inch Retina MacBook Pros for...
Save up to $100 on the purchase of a new 2015 13″ Retina MacBook Pro at the following resellers. Shipping is free with each model: 2.7GHz/128GB MSRP $1299 2.7GHz/256GB... Read more

Jobs Board

*Apple* Retail - Multiple Positions (US) - A...
Sales Specialist - Retail Customer Service and Sales Transform Apple Store visitors into loyal Apple customers. When customers enter the store, you're also the Read more
Senior Business Development Manager, - *Appl...
# Senior Business Development Manager, - Apple Pay Job Number: 44473850 Santa Clara Valley, Califo ia, United States Posted: Nov. 20, 2015 Weekly Hours: **Job Summary** Read more
Content Producer, *Apple* University - Appl...
# Content Producer, Apple University Job Number: 44135153 Santa Clara Valley, Califo ia, United States Posted: Nov. 20, 2015 Weekly Hours: 40.00 **Job Summary** The Read more
*Apple* Media QA Manager - Apple (United Sta...
# Apple Media QA Manager Job Number: 44409763 Santa Clara Valley, Califo ia, United States Posted: Nov. 17, 2015 Weekly Hours: 40.00 **Job Summary** Apple Media Inte Read more
*Apple* Retail - Multiple Positions (US) - A...
Sales Specialist - Retail Customer Service and Sales Transform Apple Store visitors into loyal Apple customers. When customers enter the store, you're also the Read more
All contents are Copyright 1984-2011 by Xplain Corporation. All rights reserved. Theme designed by Icreon.