Weak Security In Most Mobile Banking Apps
Eight of 10 iOS, Android mobile banking apps are improperly configured, new report says
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. Among the big-name banks whose mobile apps were tested by security firm Praetorian include Bank of America, Citigroup, Wells Fargo, Goldman Sachs, Morgan Stanley, Capital One Financial, and Suntrust Banks. Praetorian did not disclose how each bank's apps fared in the tests.
Praetorian's research comes at a time when mobile banking is starting to take off, albeit slowly. Some 35 percent of U.S. adults conduct mobile banking, up from 24 percent in 2012, according to the Pew Research Center. Read full story on Dark Reading
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