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How Secure Are Mobile Banking Apps?

Do banking institutions have a good handle on the things they need to remediate and new control layers they need to adopt to keep users secure? To answer those questions, Accenture and NowSecure have performed vulnerability assessments of customer-facing mobile banking apps of 15 banking institutions in the North American market. They have tested the iOS and Android app versions of each of these banks, and found that every app they tested had at least one security issue.

Of the 465 tests completed for banking apps running on Android, 44 or nine percent had low security issues; 48 or 10 percent had medium security issues; and 10 or two percent had high level security issues. For banking apps running on iOS, a total of 315 tests indicated 24 or eight percent low level security issues; 13 or four percent with medium level issues; and none with high level issues.