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With the advent of technology and bloom in the smartphone landscape, mobile banking apps have revolutionized the way banking is done these days.
According to a study conducted by Bankrate, 55% of U.S. adults have at least one mobile banking app installed in their smartphone. Consequently, the security of banking apps becomes a top priority of the corporations.
And when it comes to U.S. banking giants, everyone expects that they would be offering the most secure and top-notch app-based banking platforms. The reality, however, seems to be distant from the ideal.
Research conducted by a security firm Zimperium reveals that mobile banking apps of most of the major U.S. based banks have noticeable security flaws and as a result, the critical banking information of millions of their users is at stake. The firm scanned the iOS and Android apps of some of the major banks for issues related to data privacy and information security.
The findings were certainly not on the brighter side as most of the apps had major security-related flaws. Some of these apps were using codes from outdated open source libraries. Zimperium’s officials informed that a major chunk of this code was sourced from GitHub and was more than three years old. Another shocking revelation was that many of these banking apps share the sensitive information of users with at least one of their several advertising partners.
About two-thirds of the tested mobile banking apps were susceptible to dangerous malware campaigns like BankBot. BankBot provokes users to download fake apps from app stores and as soon as the user signs in to a banking app, it steals the user’s credentials using a fake overlay screen. After this assessment, the security firm urged the banks to strengthen the security issues of their apps and prevent subsequent damage.
Banking has always been a major economic function in our society. In the past, Appknox has also showcased the vulnerabilities that mobile banking apps possess and the measures which must be taken in order to mitigate them.
Our research also revealed major loopholes in almost 85% of the mobile banking apps of the APAC region and most of them failed even the basic security checks.
To download a FREE copy of the Appknox Mobile Banking report, click on the image below.
The advent of mobile banking has surely been a revolutionary change for the banking sector and a sizable proportion of new customers will adopt it in the upcoming future. As the vulnerabilities evolve, the banking institutions need to navigate through the threat landscape and come up with ways to bolster the security of their app-based platforms. It is high time that they differentiate themselves from their competitors through technological innovations and making security their utmost priority and enhance consumer trust.
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