Finextra
Banks offering m-payment services need to start working with mobile network operators and handset manufacturers to improve security in anticipation of increased malware threats, according to analyst house Ovum.Ovum argues that mobile banking is inherently vulnerable because handsets are liable to be lost, stolen or hacked and are used in situations that are less secure than sitting in an office or at a home computer. Graham Titterington, principal analyst, Ovum, says: "Mobile networks may be intercepted either by breaking the wireless encryption mechanism or by hacking into the wired backbone of the network where encryption is not mandatory under telecommunications standards. IT malware that compromises back-end servers, but is harmless in the wireless environment, may be passed through the mobile banking interface." >>read more>>
