"According to experts, cyber security will remain a growing concern in 2014 with mobile malware on the rise. A recent report by Trend Micro foresees potential threats in 2014 and possible solutions to combat them.

Trend Micro states that mobile banking will be the target of malware and the basic two step verification process will no longer be enough. The firm warns organizations to expect major data breaches once a month in 2014." Continue Reading

"Over 100,000 new individual malware routines for mobile devices were detected in 2013 by the cloud-based Kaspersky Security Network (KSN) alone, according to recently released statistics from the security vendor that highlight the magnitude of the current online threat and its future potential growth.

An annual analysis of KSN's activities found that the network intercepted 5.19 billion cyber-attacks on computers and mobile devices during 2013, with 1.7 billion attacks launched from online resources around the world – 45 percent of which came from the United States and Russia." Continue Reading

"With mobile firmly entrenched in both the personal and work arena, cyber-criminals are stepping up attacks against smartphones and tablets. Practically every security expert Security Watch talked to had something to say about the increasing volume of attacks against mobile devices.

Android won't be the only one under attack, but iOS, Windows Phone, and BlackBerry, too. Trend Micro estimated that malicious Android apps will reach 3 million in 2014." Continue Reading

"RSA executive chairman Art Coviello sees 2014 as the tipping point year of mobile malware, as businesses continue to provide greater mobile access to critical business applications and sensitive data, and consumers increasingly adopt mobile banking.

Amidst this backdrop, “it is easy to see that mobile malware will rapidly grow in sophistication and ubiquity in 2014,” says Coviello as he releases his top security predictions for the upcoming year." Continue Reading

"Praetorian, a leading information security provider, today released a study that explores challenges faced by today's megabanks, regional banks, and credit unions whilebuilding and maintaining secure mobile banking apps. Praetorian has identified build and configuration weaknesses in the overwhelming majority of mobile banking apps available on the App Store and Google Marketplace.

While cursory, the results of the analysis indicate a need for continued improvement in mobile application security as the critical underpinnings of society become increasingly dependent on mobile technology." Continue Reading

"We act as if are phones and tablets are safe. They’re not. According to security company Arxan Technologies, all of the top 100 paid Android apps have been hacked. (Yes, all, as in 100 percent.) Apple’s doing better, with only 56 percent of their top paid iOS apps hacked." Continue Reading

"Most mobile banking apps -- including those of major financial institutions -- contain configuration and design weaknesses that leave them with weakened security.Security experts this month tested 275 Apple iOS- and Android-based mobile banking apps from 50 major financial institutions, 50 large regional banks, and 50 large U.S. credit unions.

Overall, they found that eight out of 10 apps were improperly configured and not built using best practices software development." Continue Reading

"'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

"A Trojan virus in China is striking mobile phone users by intercepting inbound messages and lifting sensitive financial data, according to a story by Want China Times. In particular the malware is impacting third-party payment accounts." Continue Reading

"There’s no doubting it. Mobile threats around the globe are evolving. Korea was recently targeted by an Android trojan masquerading as the Google Play app that overwrites legitimate banking apps with malicious fakes poised to steal the user’s banking credentials.

Over in Spain, an Android trojan has stepped in, trying to pass itself off as an official mobile app from the Spanish bank, Banca March." Continue Reading

"Mobile remote deposit capture has become one of the most sought-after mobile banking app features. Celent research found that financial institutions are answering consumer demand by adding MRDC to their product offerings: In 2009, 72 percent of FIs surveyed did not plan to offer MRDC. By 2012, 82 percent did intend to provide MRDC service." Continue Reading

"Just in time for the shopping season, there’s a new online scam targeting people who do their banking from a computer or a mobile device. It’s convenient, it’s easy and about 300 million people do their banking online every year. Most mobile devices and banks offer apps to help make the banking experience more convenient. But the online banking experience is now facing a new threat. And the bad guys are getting creative." Continue Reading

"The malicious software used by bad guys to steal banking data is on the rise. While the crackdown on digital currencies has helped thwart some operations used by cyber criminals to launder money, crime through Trojans to nab critical banking data nevertheless remains a problem.

In the third quarter, online banking Trojans, which are used to steal banking information from the user, soared to a record high with more than 200,000 infections, the highest since 2002, according to new data from TrendLabs." Continue Reading

"Kendra Fryer relies on her smartphone to handle any kind of banking activity she needs done during her busy schedule. Time is of the essence for Fryer, a hairstylist at a downtown Augusta salon, and her Samsung Galaxy Note II serves as the perfect device to ensure her banking needs are met in a convenient and quick fashion, she said." Continue Reading

"As Android continues to rise in popularity, so do, unfortunately, some of the seedier elements that are invariable associated with emerging software technologies. The latest Mobile Threat Report from F-Secure shows some startling statistics, especially when it comes to Android.

In Q3 2013, some 259 total mobile threat families and variants have been detected across the popular mobile OS's, with a shocking 252 of them being found on Android. The remaining 7 are found on Nokia's aging Symbian OS, while equally as shocking, no threats have been reported for iOS, BlackBerry, or Windows Phone." Continue Reading

"How do you get the balance right between customer service and security? The battle between banks and fraudsters is ongoing, with banks losing millions each year through fraud. In addition, the rise of digital and mobile banking over the past few years has led to banks investing heavily in their fraud and security measures. These authentication devices alongside integrated malware detection and fraud monitoring systems can be a barrier to a satisfying, simple customer experience. How do banks protect their customers’ assets and data, without compromising service levels and writing off millions of pounds to ‘acceptable fraud losses’ every year?" Continue Reading

"Matt Certo jumped at the chance to use his smartphone for banking as soon as his bank offered the service a few years back. The Orlando, Fla., high-tech entrepreneur understood the technology and knew the benefits. But he also was aware of the risks." Continue Reading

"Electronic banking frauds in South Korea have more than halved in the past month since the financial regulators implemented stiffer measures to curb the illegal activities, the financial regulator's data showed Tuesday.

The number of electronic banking frauds reported since Sept. 26 when the new rules kicked in came to 749 cases, down 51.5 percent from 1,545 cases reported to the regulator in the previous month, according to the Financial Services Commission (FSC). The damage is valued at some 1.3 billion won (US1ドル.22 million), compared with 3.2 billion won tallied over the cited period, the FSC added." Continue Reading

"Fewer than a quarter (22%) of British mobile phone owners are likely to swipe their smartphone like a credit card to make payments, even if they had the relevant app, according to a new survey carried out by YouGov on behalf of outsourcing company Firstsource Solutions. Fears that personal bank details will not be secure are the reason given by 80% of respondents.

A further 20% say that the reason they won’t use a mobile wallet app is that they wouldn’t trust the battery on their smartphone to last. The survey also shows that mobile banking is yet to take off, with only 36% of British smartphone owners saying they have downloaded a mobile banking app. However, the survey does show that 70% of those that have downloaded a mobile banking app rate it as good or excellent." Continue Reading

"From our vantage point, there’s little doubt that mobile apps have become the newest area of extreme vulnerability for financial organizations, leaving them exposed to fraud, security breaches, and other acts of piracy. With users moving in droves from PCs and laptops to smartphones, it is inevitable that malware will migrate to the new device of choice, and in rapid succession.

The stats bear this out: for example, RSA detected 350,000 malicious Android app samples in 2012, up from just 1,000 in 2011. Banking trojans found on the desktop have morphed to mobile attack mode: the Citadel trojan, one of the fiercest banking attacks online, was modified to become CitMO (Citadel-in-the-Mobile), a worm that can install itself on Android devices and intercept one-time passwords and authentication messages sent by a bank to a mobile device." Continue Reading