"'Do not rely on SMS based authentication; it has been thoroughly compromised,' warns NSS Labs in a new report. Titled "View from the Precipice: Mobile Financial Malware," the report outlines how the popularity of mobile banking has led cybercriminals to target this group of users.

As a result, specialized malware now exists that specifically targets smartphones to steal the requisite two-factor passcodes that banks deliver by means of text messages." Continue Reading