Thursday, 25 January 2007

Criminals Aim at Mobile Phone Banking

Research by analysts The Tower Group, has forecasted that the year of 2007 will see online criminals sizing up banking and payment services on mobile phones. The fraudsters are aiming at receiving confidential information from users and utilise this inorder to rob them of their money.

According analysts, users of smartphone or wireless PDA might be targeted as these devices can serve as an alternative for a credit or debit card.

"The success 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", said Bob Egan, Chief Analyst at TowerGroup and author of the research.

"Now is the time for IT managers and line of business heads within institutions to take action to protect both their companies and customers from mobile malware", the report read.

"IT managers must examine extending their existing malware and virus security initiatives to include mobile phones", said Egan. "Likewise, the mobile commerce industry beyond financial services players must step up to take more aggressive and immediate actions to circumvent the potential of fraud and theft".