Eight Out of Ten Mobile Banking Apps are Vulnerable to Hacking, Reveals Security Expert

May 24, 2012, By Sanjeev Ramachandran

Bank transactions over apps on smartphone and tablet platforms are growing increasingly dangerous as most of them are really weak to fight any hacking attempts, say security experts.

According to  Neal O’Farrell, executive director of the nonprofit Identity Theft Council, eight out of ten mobile banking apps have security flaws which makes many customers who rely on these apps an easy target for an expert hacker who looks to make some quick bucks.

The things are more serious when he says that the available statistics show that the number of breaches outnumbers the number of US residents.

According to him, identity theft has become another serious menace where it is overtaking all other crimes together.

Pointing out that the conventional perception of security on certain platforms have vanished, he reminds that even Mac users are no safer from hacking attempts anymore. Even though a majority of the banking apps on iOS platform and others have security flaws, Apple or the banks won’t allow the users to know about it.

Moreover, things will be worse for small business owners since losing data on their client community may also invite law suits apart from the blow on the business.

So he advises small business owners to keep a cheap netbook exclusively for online banking where you don’t open emails or other free apps which may bring up a Trojan.

Using credit card over debit card and being cautious than curious before opening emails are some of his additional advises to avoid big headaches while running a small business.

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