Metaforic Alerts Financial Institutions to Increasing Security Risks Emerging from Mobile Financial Applications

Metaforic Alerts Financial Institutions to Increasing Security Risks Emerging from Mobile Financial Applications PR Newswire SAN JOSE, California, July 31, 2012 - Accelerating Adoption of Mobile Financial Apps Fuels Growing Need to Immunize Apps Against Exploits that Can Breach Latest iOS and Android Devices SAN JOSE, California, July 31, 2012 /PRNewswire/ -- Metaforic, the innovative software security company, today released an alert to banks and financial institutions on the increasing security risks emerging from the accelerating acceptance of mobile financial applications by smartphone users. With smartphone and tablet sales outpacing desktop and laptop PCs, cybercriminals increasingly are attracted by the potential financial gains made possible by diverting funds through mobile financial applications. The rapid increase in the adoption of banking apps by smartphone users is fueling growth in mobile financial transactions. The Yankee Group projects up to 500 million people will use mobile banking services by 2015, with mobile transactions exceeding $1 trillion in value worldwide. Gartner estimates more than $170 billion in mobile transactions for 2012. "The meteoric rise in smartphone and tablet use for financial transactions has far outpaced the ability of information security vendors to protect customers' mobile devices against the rapid rise in malware and hacker attacks," said Dr. C.