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have you ever wondered how secure your money is when using mobile banking as banks encouraged us to move our money to mobile banking apps and cashless formats for convenience and speed so does the growing threat of cybercrime touts our mobile security have however kept a sizable percentage of consumers from adopting mobile banking security concerns have also caused banks themselves to hesitate offering a full range of financial services through the mobile channel recently the FBI warned of increased packing beasts if using mobile banking apps financial regulators like the US Federal Reserve and the payment services directive of the European Union weren't that mobile banking may help to address some challenges consumer space but the mobile banking channel needs to become more trustworthy the question is are banks doing enough to protect your money and do mobile banking apps meet the mobile application security standards like a wasp or PSD too recently some cyber security companies decided to test the security of mobile banking apps and it was not a surprise that you can easily lose your money if you use mobile banking during this evaluation 62 top world banks were considered and each Bank had a mobile banking application both for Android and iOS each of the banks in this evaluation had assets greater than 50 billion dollars a US banking application were found to do better than their Android counterparts but Dom be so happy yet as none of the tested apps have an acceptable level of security some of the risk found with these mobile banking applications are per application coding mobile app developers do not always understand all the threats and most are not up to the task of securing mobile data connections and transactions during the evaluation it was found that a hundred percent of mobile banking apps the study it contain flaws in your code the code of the applications is not office gated meaning it is clearly viewable this allows anyone to reverse engineer an app to identify weaknesses and identify an attack surface this can allow cyber criminals to easily analyze the code of the application they just have to download the application from Google Play or the App Store and then analyze it this block allows attackers to find encryption keys which can be used to get your password easily and steal your money one example of such is how cyber criminals reverse engineer a Tesco Bank mobile app to identify vulnerabilities and stole millions of dollars overnight from thousands of users all without being detected [Music] fake banking apps there are a lot of big banking apps out there some of them have been downloaded more than 500 thousand times just for example search for HSBC in the Play Store and you will see a lot of these criminals can reproduce very professional and credible look-alike banking apps to mimic those offered by financial institutions studies have already shown by around 65,000 fake apps exist in app stores malicious mobile apps cyber actors target banking information you seen banking Trojans which are malicious programs that disguise themselves as other apps such as games or two when they user launches a legitimate Bank inna 8 triggers the previously downloaded version that has in lying dormant on their device the trojan tweets of Paul's version of the bank's login page and overlays it on top of the legitimate app once the user entered history credentials into the false login page the trojan passes the user to the real banking app login page so they do not realize they have been compromised deep linking deep linking is what allows us to navigate between or in applications like hyperlinks in webpages cyber criminals use this blow to steal your bank login details a scammer can convince the victim to install malicious app through social engineering our VM phishing using this malicious application they can use NFC to scan your cards or manipulate the ability to scan bank cards using the onboard camera for you everything seems normal like a regular banking transaction what you don't know is that hackers are the ones receiving the data in some cases they can even steal your fingerprints or face biometrics to empty your bank accounts [Music] secure coding standards banks are failing to adhere to coding best practices which result in exposing both customer and bank data during the evaluation it was found that 90% of the banking apps don't use secure coding and that their code can be easily hijacked by cyber criminals or malicious apps 30% of the apps store user encryption keys in code which anybody with computer skills can see in 60% of the apps the logout function was not properly coded and can allow session hijacking 80% of mobile banking apps allow automatic screenshot captures and these can lick your card information in account balances 90% of the applications allowed man-in-the-middle attacks due to flaws in SSL certificate validation these allows attackers to access sensitive user data as well as reading tampered data transfer between the server and the client application application data storage some banking apps show that they store data on user devices and do not delete it or encrypt it when finished in some of the mobile banking applications evaluated expert found card balances statements stored on the phone or even the users pin code save 43% of applications were found to restore important battle on the phone without encryption creating serious PLoS cyber criminals can exploit server-side plots 60% of mobile banking have server-side plus that hackers can exploit against users for example insufficient extensions checking of uploaded files in mobile applications allows attackers to upload a file with viruses to the server if a bank employee opens such a file a virus code run and still data from the server yes we need to urge banks to do a better job on mobile application security design development and following security standards this mobile banking application loss can result in breach of sensitive financial and personal information in most cases this plus could lead to fraud and loss of hard-earned money of account holders these consequences have already happened to some banks like Tesco Bank when if the biggest British bank banks must recognize and respond to their customers concerns and provide positive mobile banking experiences that balances data security and convenience we need to understand that we as users play a vital role in keeping ourselves safe if you don't have car insurance and you suffer a fraud due to this plus your bank will try to put the blame on you and you will lose the money so till the bank's fix this plus in their mobile banking applications and secure these apps it's recommended that if you use mobile banking always make sure you only have trusted apps in your phone as in 87 percent of cases user interaction is required for a flood to be exploited make sure your phone's have the latest updates are non jailbroken or rooted don't you open any only your phone and be more cyber conscious to start using common sense at its best if you don't care about your money why will the bank's care [Music]