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Most iPhone mobile banking apps vulnerable to hackers

A new report published by IOActive has suggested that the majority of mobile banking applications for the iOS platform are full of flaws, making them vulnerable to hackers.

Researcher Ariel Sanchez studied the security capabilities of 40 mobile apps created for use with iPhones and iPads.

He discovered that every app could be installed on jailbroken devices, which have been modified by the user to access applications not authorised by Apple.

In an official company blog he noted that 40 per cent of the apps tested had compromised transport mechanisms. This leaves them open to 'man-in-the-middle' attacks, as users can be redirected to malicious sites where login information can be stolen.

He explained that the majority of attacks are likely to happen on untrusted networks like Wi-Fi hotspots, which Mr Sanchez argues makes accessing the apps a nightmare waiting to happen rather than a convenience.

The researcher recommended mobile banking application developers tighten the security of transfer protocols for all collections made, as well as enforcing SSL certificate checks by the client application.

By Asim Shah