New fact sheet highlights importance of vulnerability management when using mobile devices

The Australian Bankers Association (ABA) and the Australian Federal Police (AFP) have teamed up to provide the public with tips on how they can more safely use their portable devices, in order to curb the risk of personal and financial information theft.

A fact sheet entitled Banking on the go – security tips for your smartphone and tablet has been prepared, and is available for viewing on official websites of both organisations.

According to the fact sheet, Australia now has a smartphone penetration rate of 37 per cent – one of the highest in the world.

Furthermore, it also states the Australia is leading the way when it comes to online banking, as we are 65 per cent more likely to conduct banking on our mobile phones then the British and 14 per cent more likely than citizens in the USA.

For that reason, the ABA and the AFP have stressed the importance of taking a few basic precautions when using your smartphone or tablet for banking or to make payments.

In order to educate and inform the public they have provided examples of common scams, such as hoax messages and fake phone surveys, which might be used to steal confidential information.

They also recommend that people use caution when sharing information over social media, and have listed some online browsing vulnerability management tips which could help prevent exposure to malware or viruses.

In a statement released September 26, acting chief executive of the ABA Tony Burke highlighted that while mobile banking has revolutionised the way we live and benefited us in numerous ways, it has also presented new risks and dangers.

said Mr Burke.

noted AFP police commissioner and national manager of High Tech Crime Operations Neil Gaughan.

While the public should be encouraged to do their part to prevent cybercrime, it is also important for businesses to take the steps necessary in order to ensure that confidential customer information is safe and secure.

The best way to do this is through constant compliance with the Payment Card Industry Data Security Standard (PCI DSS).

These standards, set down by several of the world s leading payment card providers, detail a list of best practice requirements for any retailer who accepts debit or credit card information – be they operating online or in a standard brick and mortar store.

By ensuring that both retailers and consumers are doing their part to help prevent and combat cybercrime, we can work towards creating a safer financial environment for all parties.

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