Thieves Target Mobile Banking

25 Aug 2016
by David Jannetta
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Thieves Target Mobile Banking

Criminals have found mobile phones to be excellent portals to use to steal from the financial services industry, says an article today in the Wall Street Journal. Robin Sidel writes:

“Malicious software programs with names like Acecard and GM Bot are gaining popularity around the world as criminals look for new and lucrative ways to attack the financial-services industry. Cyberthieves are using such so-called malware to steal banking credentials from unsuspecting consumers when they log onto their bank accounts via their mobile phones, according to law-enforcement officials and cybersecurity specialists.”

The FBI has been warning the banking industry about the trend as more consumers are using banking apps. This type of mobile-phone malware is gaining ground as more consumers are using banking apps and financial firms are rolling out a wider array of mobile services, the article notes.

And some mobile phone owners unknowingly make their devices vulnerable to attacks when they tamper with operating systems to run unauthorized apps.

As banks start frequently updating their mobile applications to try to thwart the malware, it becomes even more important for them to monitor that only their most current apps are available in the app stores.

We cannot stress enough how all brand owners need to be aware of the growing threats in the mobile marketplaces. Constant monitoring is vitally important for brand safety and security. Drop us a note for a free consultation.

 

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