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Complete Story
03/01/2018
Mobile bankers beware: Sophisticated hacks soar
MoneyWatch
If you bank by phone, you better be careful. Malicious mobile-banking software aimed at taking over consumer bank accounts has threatened up to 10 percent of consumer cell phones, security experts warn. Worse, the software is so sophisticated that it can easily trick even savvy consumers into divulging their banking credentials to the crooks.
"When it is installed on a device, it will display overlays that are legitimate-looking screens that prompt you to log into your bank account," said Michael Flossman, head of threat intelligence at Lookout, a mobile security service. "And the software knows to wait to serve that screen until you are trying to legitimately contact your bank."
Lookout analyzed 30,000 mobile devices with one or more major banking apps installed. The mobile threat histories of these devices during the one-year study period showed that 10 percent of mobile banking customers encountered a threat or risk, Flossman said.
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