Banking mobile apps might put your finances at risk: Study

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Paying for stuff has become very easy nowadays, thanks to conveniences like banking mobile apps. While these apps might have made your life simpler, an IOactive study reveals that these apps should not be relied on too much, since they might put your finances at risk.

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What the researchers did was that they took 60 apps from the world’s leading banks.Every application went through a multitude of tests which tried their data storage capabilities, transport security and others on a Jailbroken iOS device.

They don’t take names in the study. The study has been a little sketchy on the details since they did not want to put consumers at risk. They put in 40 hours of research and focused on the client and consumer.

The gist of it is that most of  their security measures and certificates are out of date and need to be changed at the earliest, otherwise their databases might crop up online soon.

We would advise you to not depend on mobile apps for large transactions, atleast until they get security measures in place.

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