Mobile banking fraud on the rise, experts warn

Business banking news review: week ending 27 Feb 2014

Just when you thought it was safe to go back on the internet, new reports this week have emerged concerning the impact mobile banking fraud is having currently.

And no, I’m not being facetious right now. The truth is that researchers from Kapersky Labs, one of those major cyber security firms, has found evidence that the number of scammers out there looking to find new and enterprising ways to remove as much of your money from your savings accounts and current accounts that they can get away with. Specifically hackers are targeting mobile banking applications like the ones you would find on tablets and smartphones.

The real bad news is that if you’ve got an Android device you’re in the crosshairs as a good 98 per cent of all malicious code is being infiltrated on the open-source mobile operating system. And there’s shedloads of malicious code as well – last year Kapersky discovered nearly 100,000 bits of dodgy code, up by more than double 2012’s just over 40,000 lines of code.

Think you’re not at risk? Well guess again – another report this week from cybersecurity company Hold Security LLC, said that the black market for personal login details is booming. There could be as many as 360 million accounts worldwide that have been compromised, according to their research.

The exact personal details that were up for grabs on the black market weren’t readily apparent, but Hold Security says it could be much worse than just numbers from credit cards. Login details such as user names, passwords, and security questions could expose consumers to not just drained bank accounts but complete identity theft that could lay bare every facet of a person’s life, including things such as medical records!

This is most definitely bad no matter any way you look at it. Of course if you’re careful you can do your best to avoid the attempts of hackers by keeping in mind that representatives from your banking institution will never ask you for your login information over the internet or the telephone. Likewise you need to ensure your computer has antivirus and firewall software up and running, and avoid unsecured wireless networks if you’re conducting any online banking on a smartphone or tablet while you’re out and about. I know it’s an inconvenience but it’s a lot easier to deal with than having to piece your life together after a vicious identity theft attack isn’t it?

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