Mobile banking apps are exposing user data to attackers

Positive Technologies’ study finds 13 out of 14 banking apps gave attackers access to user data

Positive Technologies has found that 14 banking apps available on iOS and Android were affected by vulnerabilities.

In 2019, Positive Technologies assessed the security level of a number of banking apps and found vulnerabilities in each one. Per the report, each vulnerability could be traced to faults in the application code, client-server interaction and the implementation of security mechanisms.

On the user-side, Positive Technologies found 13 out of 14 applications unwittingly gave attackers access to user data. For more than a third of the banking apps tests, vulnerabilities could be exploited without administrator rights. Further, 76% of these vulnerabilities could be exploited without the attacker having physical access to the account holder’s device.

On the server-side, researchers found servers contained 54% of all vulnerabilities identified in the study. According to Positive Technologies, each mobile bank had an average of 23 server-side vulnerabilities. Plus, at five out of seven banks, hackers were able to steal user credentials and at one-third of banks, users’ card information is at risk of being stolen.

Though these statistics are staggering enough, the FBI recently revealed a 50% increase in attacks against mobile banking apps since the beginning of 2020. In its announcement, the FBI said it expects threat actors to attempt to exploit mobile banking customers by using a variety of techniques, such as app-based banking Trojans and even fake banking apps. 

To protect themselves, users should use two-factor authentication along with a strong password.

Featured Resources

Humility in AI: Building trustworthy and ethical AI systems

How humble AI can help safeguard your business

Download now

Future of video conferencing

Optimising video conferencing features to achieve business goals

Download now

Leadership compass: Privileged Access Management

Securing privileged accounts in a high-risk environment

Download now

Why you need to include the cloud in your disaster recovery plan

Preserving data for business success

Download now

Recommended

Phishing attacks surge ahead of Black Friday and Cyber Monday
Security

Phishing attacks surge ahead of Black Friday and Cyber Monday

17 Nov 2020
Wisconsin Republican Party allegedly loses $2.3 million to hackers
hacking

Wisconsin Republican Party allegedly loses $2.3 million to hackers

30 Oct 2020
What is hacktivism?
hacking

What is hacktivism?

13 Oct 2020
Microsoft: Iranian hackers are exploiting ZeroLogon flaw
Security

Microsoft: Iranian hackers are exploiting ZeroLogon flaw

6 Oct 2020

Most Popular

80% of cyber professionals say the Computer Misuse Act is working against them
Security

80% of cyber professionals say the Computer Misuse Act is working against them

20 Nov 2020
Cisco acquires container security startup Banzai Cloud
Security

Cisco acquires container security startup Banzai Cloud

18 Nov 2020
46 million Animal Jam accounts leaked after comms software breach
Security

46 million Animal Jam accounts leaked after comms software breach

13 Nov 2020