An IT expert has downplayed the security level of most banking apps. According to Ariel Sanchez, an IT researcher from Argentina, most banking apps are not safe.
He said his research revealed that banking apps had a series of potentially exploitable vulnerabilities. He carried out tests on data transfer mechanisms, user interfaces, and storage processes.
He said the vulnerability could be used to gain access to the development infrastructure of the bank and infect the application with malware, causing a massive infection for all of the application’s users.
He said: “More worrying is the fact that none of the banks identified as vulnerable have patched their vulnerabilities despite having been notified of their shortcomings.”
In Nigeria and other African countries there is increasing adoption of mobile banking as bank customers now have numerous platforms that support banking services such as bank transfer, e-payment and other quickteller services.
Apps are also gaining popularity has the various banks are releasing banking apps for Android, Blackberry, iOS, JAVA, Windows and other platforms.
Thus this report brings the issue of security of banking apps in Nigeria in particular and Africa in general into sharp perspective.
Many IT experts believe the issue of security is the major reason why many Nigerians are reluctant to switch to e-banking.
