Over 70% Of Apps From Top Banks In Asia Pacific Are Vulnerable To Attack [Report]

Mobile commerce is on the rise, and while banks and other institutions find better ways to safeguard transactions made online, hackers find newer ways to syphon off large sums of money.
Wegilant, an e-security firm, surveyed apps from Top 100 banks in the Asia Pacific Region for vulnerabilities, finding that over 70% of them were susceptible to being hacked. Of those apps, the company found that over 30% of the vulnerable apps were from Indian banks.
The most common flaw which was seen in over 80% of the banking apps was that they were susceptible to intent spoofing – an attack where malicious application induces undesired behaviour by forging an intent, fooling users into sharing their secure data with the hacker’s servers.
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Wegilan has also launched Appvigil, a free app for consumers to alert them about which apps on their devices are hackable and could compromise their data.
It’s getting harder to keep hackers from compromising user data, and Gartner expects that 25% of the world’s banks will have banking apps available to users by 2016. That’s over 1.75 billion users and also 1.75 billion potential targets.

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