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

Cybercriminals increasingly are attracted by the potential financial gains made possible by diverting funds through mobile financial applications
SAN JOSE, Calif., 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