By Oren Kedem
Mobile banking and mobile payments are becoming the method of choice for users wishing to bank online. Nearly two-thirds of Americans own a smart phone, and that number is only expected to rise exponentially in the coming years. Mobile phones have increasingly become tools that consumers rely on for a range of financial activities, such as payments, budgeting, and shopping.
According to KPMG’s Global Mobile Banking Report and UBS Evidence Labs, the number of mobile banking users globally is forecast to double to 1.8 billion over the next four years, representing over 25% of the world’s population.
Banks have been the target of hackers since computers were first introduced to process and store financial transactions. Tapping into banking systems allows cyber-criminals to capture personal information and submit fraudulent transactions.
Therefore, it is no surprise that financial services organizations are 300% more likely to be attacked than any other business, according to a recent report released by Websense Security Labs. Hackers shift their focus on systems that manage the flow of money and information. The move to mobile banking and mobile payments will inevitably result in an onslaught of attacks on these platforms.
Read more at Infosecurity Magazine