Tag: smartphone security

Mobile security solution adopted by Commerzbank for smartphone payments

Mobile Security Smartphone Mobile PaymentsVisual tool by Cronto to be used to help to protect consumers against Trojan malware infections.

Commerzbank has announced that it is using a new visual mobile security transaction signature tool from Cronto, a firm from the United Kingdom, in order to provide greater protection to its consumers banking online and through smartphones and tablets.

The protection is specifically geared toward preventing infections Trojan viruses.

The mobile security solution applies what is called CrontoSign technology, which is being implemented under the brand name photoTan. This will replace the current iTAN solution that is currently in place and which requires a unique number for the authorization of each transaction. By using photoTAN, instead, users are capable of performing verification of payments through the use of an app or a standalone gadget that uses a TAN authorization code to provide a digital signature for the transaction.

Commerzbank and Cronto have been working together for online and mobile security since 2008.

According to the Cronto chief executive, Igor Drokov, “We have worked closely with Commerzbank who helped to develop the CrontoSign visiual transaction signing technology from innovative ideas to the product ready to serve the needs of millions of banking customers.”

Last month, Juniper Research, the telecoms research firm, released a prediction that the adoption of smartphone banking services would break the one billion mark by 2017. That said, there were also a number of different hurdles to this uptake that were identified. Among them were concerns regarding mobile security following a number of reported events in terms of financial crimes that occurred involving consumers using smartphones and tablets.

This type of mobile security breach has created a lingering threat to the confidence consumers hold in the entire industry. For instance Check Point and Verisafe security venors reported the “Eurograbber” attack in November 2012 which utilized malware in order to break through PC and mobile security in order to target users and carry out transfers that were sent automatically and that ranged from €500 to €250,000.

That malware involved a Zeus Trojan bot attack called Zitmo, which infected smartphones and computers to compromise their mobile security, enabling hackers to receive and steal bank SMS messages to customers.

However, this new mobile security agreement between Commerzbank and Cronto is designed to overcome that type of attack so that it need not concern consumers who bank online.

Mobile security risks are commonly overlooked by consumers

Mobile Security risksWhile safety and privacy concerns are still high among smartphone users, they continue to take unnecessary chances.

Smartphones are being used for a growing number of tasks every day, from placing phone calls and sending and receiving texts, to communicating thorough email, making product purchases, banking, and a broad range of other activities that require a high level of mobile security.

Many of these device users are very conscious of risks, and yet their behaviors increase their chances of data theft.

The amount of sensitive data that is being stored on smartphones is incredible. It not only includes login information for email and social network accounts, but it also involves proof of insurance cards, credit and debit card numbers, identification numbers, and an entire directory of contact information for virtually everyone we know. But at the same time, many of us fail to make the right mobile security choices to ensure that this information stays out of the hands of others.

Mobile security efforts are not nearly as strong among consumers as the steps taken on PCs.

Many consumers are unaware of the fact that their devices could be hacked or become infected with a virus. Moreover, few have taken the steps required to stop this data from being used by someone who has stolen the device.

ABC News recently reported that there are ten foolish behaviors that many people either do or fail to do in the use of their mobile devices. They included the following:

• A lack of password protection for their phone in general and for individual apps and accounts.
• Failing to purge old smartphone data before disposing of the device.
• Making purchases through a smartphone browser instead of through a commerce application.
• Failing to log out of banking and payments apps.
• Connecting automatically to any WiFi connection that is available.
• Leaving the Bluetooth connection open while not in use.
• Storing highly sensitive data on smartphones, such as Social Security numbers, PINs, and bank or credit card account information, which require far more mobile security than the device is capable of providing.