If you use a wireless app for banking, you’ll want to read this. Spencer E. Ante reports:
A number of top financial companies and banks such as Wells Fargo & Co., Bank of America Corp. and USAA are rushing out updates to fix security flaws in wireless banking applications that could allow a computer criminal to obtain sensitive data like usernames, passwords and financial information.
The central problem is that the apps, which run on Apple Inc.’s iPhone and Android-based devices from Google Inc., are storing a user’s information in the memory of a cellphone, a basic lapse that the security researcher who found the flaws said could allow a cybercriminal to access a person’s financial accounts.
Read more in the Wall Street Journal.