Wednesday, April 14, 2010

Fraudsters Take Aim At Mobile Banking

Symptomatic of a new fraud trend targeting mobile banking, at least two banking institutions have posted messages on their websites, alerting members to be wary of a bogus application distributed on mobile phone platforms.

Bayport Credit Union of Newport News, VA, and First Technology Credit Union of Portland, OR, warned members about a mobile banking application that had appeared on the Android Marketplace, part of the Android mobile phone platform. Android is a subsidiary of Google. More than 50 fraudulent banking apps began appearing in the Android Marketplace in mid-December, industry experts say. The apps didn't contain malware, but instead attempted to get users to enter their passwords, account numbers or other personal information.

Google says it has removed the malicious applications, which targeted customers of Barclays Bank, Chase, Wells Fargo, Bank of America, Wachovia and Deutsche Bank, among others.

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