As anyone who has met with me for our ACS Secure reviews knows, I have been working to educate my customers on some best practices surrounding their online banking. We basically recommend all banking happen on a computer that is isolated from the rest of the network, and is capable of only doing one thing, Banking.
Often I get asked, “I use my phone/tablet/smart device to do much of my banking, can’t I just do that?” To which I respond, “If you are using an apple product.” Recently I read an article in ars technica which outlines why I respond in that way (click here to read the whole article.)
Ars outlines an app which basically will “root” 90% of all android phones. This application is distributed through the Google Play store. What root means is, once the application is installed, the bad guys have full access to your phone. They are capable of doing anything they’d like with your phone. It’s a really bad thing!
In the apple world, apple is in control of every application that gets put on the iTunes store. They review and dissect every app to ensure that it is safe, and adheres to their policies. This system can be a pain for developers, but it means that the end users rarely have malicious software installed on their devices.
So if your phone/tablet is android, and you use them to do banking, be careful. Bad things can happen!