Android Banking Apps Susceptible to Hacking

A vulnerability on the Apache Cordova platform in Android applications has sparked new fears over mobile banking.

If attacked, the hacker could steal enough banking details to perform transactions including the withdrawal or transfer of funds from one bank account to another.

According to research by the IBM security X-Force, nearly 6% of apps use this platform. Around 10% of the apps tested using Cordova were banking applications. In a blog post, Roee Hay lead of the application security research team at IBM explained that millions of users of Android Cordova are at risk of having sensitive information stolen.

The IBM Cyber Security Intelligence Index stated that 95% of successful attacks were caused by human error; however hackers continually seek out such vulnerabilities to exploit.

Last week, a survey by Intercede found that 53% of consumers refuse to use mobile banking because of concerns about device security.

Consumers aged between 18 and 24 were found to be the least trusting of mobile banking services, with 60% of this age group refusing to make mobile payments and 52% claiming they would never use PayPal.

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