By  Mon Aug 26, 2013

Bank Malware Increasing on Smartphones: 5 Things to Know for the Week

Irving Abdiel / Flickr |

Irving Abdiel / Flickr source

As smartphones become necessities for consumers, cybercriminals have identified the next platform to wreak digital havoc. McAfee, a well-known Internet security firms, found an increase number of malware with the potential to steal user banking data.

  • In a new update to its mobile banking applications, HSBC revealed that it is working on new features for mobile banking customers — but the bank didn’t say what features were on the way. HSBC also plans on introducing support for more countries, since the bank offers services in many other nations.
  • Bank of America is starting to close down some drive-through teller windows across the country due to a decline in traffic. The convenience of new technology is likely to have played a major role. Features such as mobile check deposit make it easier to perform transactions without ever going to a branch.
  • A recently released report from digital security firm McAfee found that mobile banking applications are becoming more and more targeted for malicious software. Even with two-factor authentication, malware creators are finding ways to intercept security-related text messages to gain access to victims’ bank accounts.
  • The White House is making a push for a new policy that ties college financing to the performance of graduates. The proposed policy will cap federal student loan payments to 10 percent of their monthly income — the more money the graduate makes, the better it is for the school.
  • Like many of the big banks, EverBank has settled with borrowers, who claimed that predatory practices were used to file improper foreclosures. The bank has agreed to pay $37 million to roughly 32,000 mortgage borrowers who were foreclosed upon in 2009 or 2010. Each eligible borrower will receive payments of between $1,050 and $125,000, plus equity if appropriate.

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