When it comes to using mobile banking apps, researchers say the biggest threat to security is human fallibility.
The report from Risk Mitigation Workgroup says that along with vulnerabilities in software and devices, banks need to pay attention to criminals targeting the end users with phishing tactics and social engineering.
A spokesman for the firm said banks are focused on delivering the apps for multiple operating systems and devices and while they need to focus on potential vulnerabilities they also need to be aware of human fallibility.
With growing numbers of customers using mobile apps to access their banking services means the apps need to develop robust security measures to mitigate any risk to the bank and their customers.
Half of children own a mobile phone
A new study has revealed that nearly half of children in the UK will own a mobile phone by the time they are 11 years old.
Researchers found that the average child received a mobile phone on their 11th birthday worth £120 – and they then spent two hours every day using the device.
However, 40% of parents said they regretted handing the child a phone while they were so young since they then become transfixed by it for social media as well as games.
Parents say the phone also becomes an expensive present since they will be expected to pay for replacing it at least twice after it has been damaged, stolen or lost.
Why small businesses should use mobile phone apps
One interesting article published this week reveals that small businesses should be following the footsteps of big corporate organisations and developing their own phone apps to boost business.
The apps can also boost functions and processes for the business and the article outlines what employer should be looking for from mobile phone technology including data collection, lead generation and campaign apps.
Organisations could also use employee and sales engagement applications.
More on the ITproportal.com site.
In other mobile phone app news …
Motorists using their mobile phones while driving in the UK are facing the doubling of penalties under plans revealed by the government. Drivers now face the prospect of receiving six points as well as a £200 fine.
Apple has partnered with PayPal to help make transfers and payments by voice commands using its digital assistant, Siri. Users can simply request that Siri sends an amount of cash via PayPal to a recipient and the payment will be triggered automatically. This is the first big announcement from Apple which in September opened Siri to third-party developers.
Researchers have revealed that an Android banking Trojan that uses Chrome browser vulnerabilities has, in just two months, infected more than 300,000 mobile devices. Called Svpeng, the Trojan allows hackers to steal personal and bank card data and intercept and send text messages.
Smart phone users in China prefer to use their mobile devices for shopping online rather than using computers. The findings come after the annual ‘Singles Day’ shopping bonanza saw Chinese shoppers spend nearly $18 billion with 82% of all transactions being made on mobile devices – that’s a rise from 70% last year.