Tag: mobile banking

How Safe Is Mobile Banking

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Banking is changing extremely rapidly. With the development of online banking, banks began to focus on allowing customers to manage their own accounts rather than require a banker or teller to handle the transaction. Fewer and fewer transactions require a banking professional’s touch. Cash can be withdrawn at ATMs. Transfers can be made from bank to bank, from person to person, all done online. Depositing checks can now be completed online. Bills are paid online, so fewer checks have to process through human hands. But the convenience comes at a cost to your security. All the power to manage and move money is protected only be a six to ten character password.

According to cell phone technicians, passwords can be retrieved from your cell phone through a system log or application dump – sometimes unencrypted. Furthermore, according to a report prepared by IO Active Labs, as much as 90% of banking apps had security issues. Read More