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Anyone can hack your banking app with free online tools

Anyone can hack your banking app with free online tools
Photo courtesy of Shutterstock

Do you use mobile banking apps? They're convenient when you need to check your balance or make a quick payment or transfer. Of course, if you're out and about, you want to stay off Wi-Fi when you do it, for security purposes.

But that might not be enough. A new report says many banking apps can be hijacked using hacking tools found online.

Winston Bond of Arxan Technologies demonstrated to the Daily Mail how easy it is to hack an account. He used a process called reverse engineering.

Bond was able to use open-source software anybody can download online to examine the source code of a banking app. That means he was able to look and see exactly how the security worked and how to change to app to make it do what he wanted it to. Bond explained that there are many freely available online tutorials and videos that teach anybody exactly how to do this.

Using more free hacking tools and software, he was then able to swipe a password and jump onto a dummy account. During another demonstration, he was able to access the money in the account. As you can see, he did it all using an iPad.

Account being hacked

The demonstration was created after an Arxan study found hackers attacked 78 per cent of the top 100 paid Android and iOS apps last year.

It revealed there were hacked versions of 100 per cent of the top 100 paid apps for Android, and 56 per cent of the top 100 paid apps for iOS.

Last year, Arxan found attackers modified 80 per cent of free Android apps, and this year, this was down to 73 per cent in the same category.

On iOS devices, 40 per cent were hacked last year, compared to 53 per cent this year.

The research unveiled cracked versions of popular financial apps to be at 53 per cent for Android, and 23 per cent were Apple iOS hacked variants.

So how to you protect yourself? Watch your account, and report anything odd. It's crucial you use only the official, trusted app from your bank which ought to contain multi-step identity authentication. Never, ever bank on public Wi-Fi. Also, get antivirus on your phone or tablet NOW.

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Source: Daily Mail
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