With Christmas around the corner, shopping lists are growing, and so has the traffic to online stores. Online shopping has recently become even more convenient through the use of mobile payment apps. Apps make every-day life easier, but should we trust them with our sensitive data, like personal financial information?
Bluebox, a mobile app and data management group, published a study last week about the safety of common mobile payment apps. This study evaluated the security measures of 10 popular apps with money processing functions, including mobile wallet apps (e.g. Samsung Wallet, Apple Pay) , peer-to-peer payment apps (e.g. Venmo, SnapCash), one-click payment merchants (e.g. Amazon, Target) and service apps (e.g. Uber, Lyft). These apps were studied by potential for funds being rerouted, potential for a third-party code breach and consumer info vulnerability.
All of the reviewed apps were capable of being breached by an unauthorized source manipulating code, intercepting traffic or a dynamic runtime attack. The study explains that these apps are vulnerable to payment information being compromised because of minimal security measures built into the apps.
While this information is concerning for users, financial information can stay safe with the right precautions. Always download apps from a reputable source, such as the Apple Store or Google Play Store, to prevent accidentally downloading any version that secretly hosts malware. Along with downloading apps from a valid source, always use payment apps on a secure network to prevent any payment or other information interception.
To read more about the study, visit here.