“Mobile apps in general lack the necessary security features to protect users data. Even with social engineering and mobile breaches occurring more often, app developers still are not developing apps with security in mind,” says Timur Kovalev, chief technology officer at Untangle.
Because the apps come from trusted financial institutions, consumers begin with the assumption that they are secure. “While users are comfortable using mobile apps for nearly anything and everything these days, the concerns for securing their money and financial information can make nearly anyone a little hesitant. And maybe with good reason,” says Nathan Wenzler, senior director of cybersecurity at Moss Adams, a Seattle-based accounting, consulting, and wealth management firm.
Wenzler points out that the players in the market are broadly divided between traditional financial institutions which are known for their legacy of security but often have woeful inexperience with agile app development and newer online financial institutions that who have less experience in the regulatory and security requirements in the financial sector, but have access to modern secure development methods.
Read More.. Source Dark Reading