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Mobile Banking Safe? Not So Much… Happy Valentines?

Mobile Banking Safe? Not So Much… Happy Valentines?

Mobile Banking Safe? Not So Much… Happy Valentines? Author: Eric Everson; Founder MyMobiSafe.com

How many times do we have to read analyst’s sugar coating the threats that mobile banking faces? As a lead researcher and mobile security expert at MyMobiSafe, let me just say for the record that mobile banking is not secure.

With so many millions of dollars in infrastructure behind mobile banking, it is in the banks best interest to promote the security of this emerging medium, but at whose expense? I recently read an article from a reliable news site that essentially suggested that there are no mobile viruses designed to attack mobile banking. So what about the mobile malware file “Trojan-SMS.J2ME.GameSat.a”?

For those of you unfamiliar with this particular mobile virus, this is one of the first broad spectrum mobile viruses to target the mobile banking industry. In fact given its J2ME origin, this little application masquerading around as a cute dating/chat application might prove to be one of the bigger threats given the time to spawn more targeted variants. This particular malware is currently growing in popularity in the Asian market however given its success, it is expected that a variant will be making its way toward your market soon enough.

Those of you that read my entries know that it is from academic roots that I attempt to cut through the façade with regard to mobile security. Rather than just paint a picture of a perfect secure mobile environment, I’ll do my best to not only tell you that there is a threat but back it up with as much as the file name/origin. The truth is that this application must be loaded on to your handset with your permission even if it arrives via your inbox. The problem is that in pure Trojan nature, you think you’re getting a dating/chat application and you end up with a malware that attempts to access your mobile banking registries to transfer your money away.

With Valentines Day looming in the so recent past, don’t let your search for love steer you into the dating/chat application that is really the more dangerous “Trojan-SMS.J2ME.GameSat.a” file. If you are a small business owner or just another cell phone user, stay alert!

Your go-to guy in mobile security! Eric Everson “The MobileTech”

Eric Everson, Founder MyMobiSafe.com. If you have any questioned related to mobile security, contact me at EricEverson@Hotmail.com.