Mobile Banking Security Concerns on the Rise for Financial Institutions

It’s been almost a year since what some analysts consider the first successful major threat to mobile banking, known as Svpeng, hit the United States. Spreading via a text message campaign, the Svpeng malware went after Android phones. While Svpeng didn’t steal mobile banking credentials, it did detect the presence of certain mobile banking apps and then locked those phones for ransom.

The result is troubling for those in the financial industry, who see more and more traffic headed to mobile banking and mobile payment systems.

The ubiquity of mobile phones is changing the way consumers access financial services. And yet, despite the rapid growth, a significant percentage of consumers aren’t making the leap. Why? Security.

It’s going to be an interesting year for mobile financial services. Tripwire is helping you prepare for the challenges.

Read the full article.

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