New Delhi: In India no mobile banking apps are safe or secure said Qualcomm, US based semiconductor and telecommunications equipment company. There is no hardware level security system in these apps to ensure secure online transactions.
Most of the banking or wallet apps around the world don’t use hardware security. They actually run completely in Android mode and user’s password can be stolen said Sy Choudhary, Qualcomm senior Director. The possibility to steal users’ finger print is even more, he added.
Every user gets authenticated by their device and this is the only proof for the software that the user is accessing the account. “How is it possible to find out if the device is ready for demonetisation or not?” asked Choudhary.
As digital transactions are increasing day by day, especially after demonetisation move, the threats and dangers of a cashless economy are also coming into the picture.
Qualocomm requested all digital payment companies for payment processing using security system in mobile phones.