By MyBankTracker  Updated on Wed Aug 29, 2012

Banks Fail to Address Security of Mobile Devices

As mobile banking becomes a mainstream channel for consumers to manage their financial accounts, security experts are highlighting the need for banks to recognize that mobile devices can be compromised.

“It is more difficult to secure mobile devices, in that they start off as not being managed by any IT departments,” Greg Brown, McAfee CTO of cloud and datacenter solutions, told ZDNet. “They inherently carry a diverse range of applications, and despite the walled garden approach, we are seeing those devices are subject to attacks and are subject to vulnerabilities in applications.”

Brown’s concerns revolve around the devices themselves, not the mobile banking apps, which tend to have strong security controls. For example, Android-based devices have been known to contain apps that pose security risks.

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