Check out the thoughts of eastQuayIT director Giles Wright on the subject of online banking security:

Giles Wright, founder of Newcastle disaster recovery and back-up firm Brownsman IT Solutions and Director of eastQuayIT, offered a list of tips to reduce the risk to mobiles, including not having Bluetooth constantly activated, not connecting to insecure wireless networks, logging out after use, erasing data after selling a phone, and being aware of who is around you when using online banking in public. Wright spent several years working with compliance and security departments at banks while in London. He says it is “a constant arms race” between hackers and those developing secure computer systems, but that devices such as iPhones may have benefits in terms of security.

He says: “The App Store model that Apple uses to control what is installed on an iPhone prevents users from installing unauthorised software on their phones. In many ways this makes the iPhone a more secure method of carrying out online banking than on a potentially compromised laptop or PC.

“On a regular Windows computer there are few restrictions on what a user with admin rights can install and run. There is therefore a much greater chance of inadvertently downloading and activating malicious software like a virus or Trojan on such a device.

“You definitely run the risk of falling victim to cyber crime if carrying out internet banking on a device compromised by malicious software. The vast majority of security issues relating to the iPhone are to users that have jailbroken their iPhones to give them more control over it and potentially opened up their phones to the threat of attack.”

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