Posted June 7, 2012 by Peter in News

Safety fears over finance phone apps

Most major banks have an app for smart phones these days, and they are now being targeted by online fraudsters.security_apps_featured

Consumers in the UK are being bombarded with financial banking apps to help them manage their money on the move, but technology experts are warning of the potential security risks, says Alexandra Goss in last weeks  Sunday times. It is fantastically convenient as a consumer, to be able to check your balance, move money or pay a bill whislt waiting for a train or waiting for a friend to turn up at the pub. However this convenience comes at a cost, Many banks will employ 3rd parties to help develop their latest Android  or iPhone banking app, so they may even include functions that the bank does not know about. One example described in the Sunday Times article, is of the ‘find my nearest branch’ feature’ which will tend to use 3rd party data for the map co-ordinates, and this information may be kept by the third party.

Another risk can occur when you sell or dispose of your smart phone. It is common to pass your phone on to a friend or relative, or sell it on eBay when you receive a contract upgrade. However, unless the phone is properly wiped of all data, there is a chance your banking log in details could be retrieved should the phone fall into the wrong hands. However, as we all know, Banks and other reputable financial companies do take security very seriously, so as long as you do follow these simple rules, the chances of becoming a victim of fraud using your mobile banking app are low.

According to Apple iTunes, the top 3 banking apps by user rating are:

Barclays Pingit App Barclays Pingit – allows users to send money using just a mobile number.


santander banking app Santander – customers can set up alerts including one for when your balance is getting low


natwest banking app Natwest – Customers can see mini statements, make transfers and pay off bills.