ING Direct has released an updated version of its mobile banking app after customers complained about the security of the original product.
Solution architect at the group Johnathan Sharratt explained to Techworld at the Gartner Security and Risk Management Summit that a number of changes have been made.
He expanded: "We transformed SMS into a private certificate on the customer's phone which is installed during the registration process.
"That private certificate is never sent over a network and stays on the phone."
The app, which was released on June 25, received 180,000 downloads within the first five weeks of release, 74,000 of whom then went on to register the app.
Mobile application security is obviously a primary concern for anyone carrying out banking transactions online – and recent findings from Juniper Networks suggest they have plenty of reasons to be vigilant.
Mobile malware has increased 614 per cent over the past 12 months, following a rise of 155 per cent back in 2011.
Google Android proved to be one of the most popular operating systems among hackers, as it is now responsible for around 92 per cent of all known malware – a rise of 45 per cent since last year.