Mobile Banking Security Concerns on the Rise for Financial Institutions

It’s been almost a year since what some analysts consider the first successful major threat to mobile banking, known as Svpeng, hit the United States. Spreading via a text message campaign, the Svpeng malware went after Android phones. While Svpeng didn’t steal mobile banking credentials, it did detect the presence of certain mobile banking apps and then locked those phones for ransom.

Image source:  Article

Image source: Article

Svpeng hit the news again last month when Russia announced on April 11 that several people allegedly responsible for the malware had been arrested weeks prior. Since then, security concerns over mobile financial services haven’t exactly calmed.

The result is troubling for those in the financial industry, who see more and more traffic headed to mobile banking and mobile payment systems.

Read the full article, including statistics from the March 2015 Federal Reserve paper on Consumers and Mobile Financial Services, on the Tripwire State of Security blog.