In response to reports about MysteryBot Android Malware (Fossbytes story link), which combines a keylogger with a banking trojan and ransomware, a OneSpan expert offers perspective.
Samuel Bakken, Senior Product Marketing Manager at OneSpan:
“As more users adopt mobile banking, it becomes all the more juicier a target. Attackers invest significant time and resources to find ways to defraud banks and their customers. Despite Google and Apple’s best efforts, attackers will always find a way. Therefore, banks and financial institutions can’t count on the mobile platform providers alone to keep them secure. They need to take a layered approach to mobile app security that includes, at the least, secure code training for developers, automated app security testing throughout the development cycle and additional protections such as mobile app shielding to protect apps against such attacks during runtime.”