FBI Issues Warnings Over Mobile Banking

With smartphone and tablet owners using their gadgets more often to access financial information and authorize transactions, cybercriminals are flocking to mobile platforms. As a result, the Federal Bureau of Investigation has released a bulletin detailing the hazards of mobile malware.

Federal investigators have recently shifted their attention to a specific malware variant known as Gameover - and the corporate accounting and finance communities would be wise to follow suit.

According to the latest FBI analysis, the hackers behind the malicious program have launched a phishing scam that generates fraudulent emails from the Federal Reserve Bank, Federal Deposit Insurance Corporation and National Automated Clearing House Association, among others.

"The malware is appropriately called 'Gameover' because once it's on your computer, it can steal usernames and passwords and defeat common methods of user authentication employed by financial institutions," officials explained. "And once crooks get into your bank account, it's definitely 'game over.'"

These trends are only expected to accelerate, according to Forbes, and demand a swift response from corporate IT leaders. With employees bringing a range of new mobile devices into the workplace after the holidays, an effective mobile device management policy can no longer wait.