Cyber-criminals target mobile banking

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RAVI BHASIN

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Jan 26, 2007, 2:55:58 AM1/26/07

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Cyber-criminals target mobile banking

vnunet.com, 22 Jan 2007

Cyber-criminals and identity thieves will turn their attention to mobile banking and payment initiatives during 2007.

While most mobile phones are potential targets, smartphones and wireless PDAs are "particularly attractive" to fraudsters given their capabilities to support PC-like applications including web browsing and instant messaging.

The success of mobile banking and payments, as well as the concept of the mobile wallet, will be measured against the industry's ability to effectively contain the malware problems to a level that is at least on par with that of the existing internet channel. Over 200 mobile viruses have already been identified, a number that is doubling nearly every six months.

As the mobile channel continues its rapid growth, the complexities surrounding security, including identity theft, consumer privacy and fraud, are increasing exponentially.

Steps to protect against virus attacks on mobile devices and the infiltration of these viruses into institutional computer networks and databases:

· Create enforceable policies regarding mobile usage

· Require wireless carriers to install and monitor mobile safeguards

· Restrict the use of personal mobile phones that can be used for

· Evaluate which combinations of network-based and device-based security solutions represent the right fit for the institution, and prioritise their deployment

IT managers must examine extending their existing malware and virus security initiatives to include mobile phones.