Topic: Mobile phones and the Internet are changing the banking - page 3. (Read 1253 times)

I still dont like doing personal stuff on my smartphone where google is like monitoring every one of our moves. Personally many of these news are propaganda news and FUD in nature but many are true as well. No one knows which one is actually true and not everyone of us can build their own smartphone for using. I prefer to use my computer to do online transactions though there is not much difference with that. But for banking and all I would rather do it physically by going to the bank even if I feel lazy.

Can not avoid mobile phones and the internet is changing everything, not only the world of banking but also change all sides of life. In the world of banking itself these two things are very influential as the development of technology, to make payments now many applications based on "e-" such as e-money, e-food, and more. Now you do not need to go to the bank or post office to make money transfers, just open your mobile phone and use e-banking or mobile banking application. Very easy

Pre-installed Backdoor On 700 Million Android Phones Sending Users’ Data To China

WASHINGTON — For about $50, you can get a smartphone with a high-definition display, fast data service and, according to security contractors, a secret feature: a backdoor that sends all your text messages to China every 72 hours.

Security contractors recently discovered preinstalled software in some Android phones that monitors where users go, whom they talk to and what they write in text messages. The American authorities say it is not clear whether this represents secretive data mining for advertising purposes or a Chinese government effort to collect intelligence.

International customers and users of disposable or prepaid phones are the people most affected by the software. But the scope is unclear. The Chinese company that wrote the software, Shanghai Adups Technology Company, says its code runs on more than 700 million phones, cars and other smart devices. One American phone manufacturer, BLU Products, said that 120,000 of its phones had been affected and that it had updated the software to eliminate the feature.

https://www.nytimes.com/2016/11/16/us/politics/china-phones-software-security.html?mcubz=3

An Obscure App Flaw Creates Backdoors In Millions of Smartphones

FOR HACKERS, SCANNING for an open “port”—a responsive, potentially vulnerable internet connection on a would-be victim's machine—has long been one of the most basic ways to gain a foothold in a target company or agency. As it turns out, thanks to a few popular but rarely studied apps, plenty of smartphones have open ports, too. And those little-considered connections can just as easily give hackers access to tens of millions of Android devices.

A group of researchers from the University of Michigan identified hundreds of applications in Google Play that perform an unexpected trick: By essentially turning a phone into a server, they allow the owner to connect to that phone directly from their PC, just as they would to a web site or another internet service. But dozens of these apps leave open insecure ports on those smartphones. That could allow attackers to steal data, including contacts or photos, or even to install malware.

"Android has inherited this open port functionality from traditional computers, and many applications use open ports in a way that poses vulnerabilities," says Yunhan Jia, one of the Michigan researchers who reported their findings at the IEEE European Symposium on Security and Privacy. "If one of these vulnerable open port apps is installed, your phone can be fully taken control of by attackers."

https://www.wired.com/2017/04/obscure-app-flaw-creates-backdoors-millions-smartphones/

when we embrace microtransaction systems in the future, we will look at bitcoin as the model. but i dont think bitcoin will be the coin they use to implement this

Online banking is the thing now in Canada, US and several other people. As an associate of Bell Canada, most of our customers don't really go to their local bank to create some paperwork to send their payment, which is the case for the last decades. Also, the fact that almost everyone agreed to receive e-billing is a strong statement that we are tied to the digital trends today especially with our banking and finance. Bitcoin is a strong contender in the field of finance if, like M-Pesa, it is implemented with SMS and not just tied to the internet where it can only reach a certain point. Agree or not, our money is tied to the digital age, as we are tied with our smartphones and internet.