Widespread Security Vulnerabilities in Mobile Banking Apps

guest · Jun 17, 2020

Widespread Security Vulnerabilities in Mobile Banking Apps
June 17, 2020
https://www.infosecurity-magazine.com/news/security-vulnerabilities-mobile/

Half of mobile banks are vulnerable to fraud and theft of funds due to inadequate security on apps, according to a study by Positive Technologies. The analysis found that mobile banking applications have a raft of security flaws which can be exploited by cyber-criminals to access sensitive data and commit fraud.

Positive Technologies said that none of the 14 mobile banking applications tested had an acceptable level of security. In regard to the applications installed by clients, 43% were shown to store important information on the phone in clear text, making the data at risk of being accessed by an unauthorized party. In addition, 76% of the vulnerabilities can be exploited without physical access to the device and over one-third can be exploited without administrator rights.
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There were also variations in the types of security flaws between iOS and android apps; in iOS, no flaws were rated above ‘medium,’ whereas in android, 29% were ‘high risk.’
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Positive Technologies: Half of mobile banks are vulnerable to theft of funds through mobile app flaws

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