Beware of doing online banking on your mobile phone. Security expert reveals that ANYONE can hack a bank's app using free internet tools
Mobile security expert Wilson Bond, a technical manager at mobile security firm Arxan Technologies has demonstrated how a banking app can be hacked.Posted by Jill Fallon at May 22, 2014 6:35 PM | Permalink
He built a dummy app and used reverse engineering to connect to a server. When sending money, the server was able to obtain the user’s password
It was then programmed to piggyback onto the payment and transfer money to the hacker’s account. There are also tools and online tutorials to teach hackers the process. He did point out that iOS apps and software are more secure and closely monitored than Android, for example - except on jailbroken devices.
'Jailbreaking' is the process of removing certain restrictions Apple places on apps and downloads, for example, and makes it easier for developers to adjust settings.