Are Mobile Banking Apps Safe and Secure? Not Yet | Sileo Group
A study produced by The Ponemon Institute and ThreatMetrix (Mobile Payments & Online Shopping – October 2011) states that only 29% of consumers use mobile banking apps on their smart phones and tablets. Of those that don’t participate, 51% cite security reasons for their lack of participation. In other words, consumers like you and I are not yet comfortable with mobile banking apps safety. And our instincts are correct! Why shouldn’t you be comfortable with mobile banking apps quite yet?
Top 7 Reasons Why Mobile Banking Apps Aren’t Safe (Yet)
- Because most app stores (e.g., Android Marketplace) don’t review apps for security, it is very easy for criminals to post malicious apps that steal information from your mobile device (like your bank account numbers).
- The average smartphone or tablet user has installed no security software on their mini-computer (that’s what smartphones and tablets are), meaning that they have only a fraction of the security of a laptop or desktop.
