Recently security firms have been focusing on developing solutions for problems such as iPhone spyware and Android spyware together with other security concerns. All available smartphone platforms can be breached however the fact that people are now increasing the use of financial applications means that a breach could cost the loss of bank credentials and other vital information. In the past an iPhone spyware could be bundled with another app and sent to a target device in order to gain information such as text and call data.

Many monitoring applications as well as plenty of Android spyware capable of monitoring the location of a phone through GPS are widely in use. The software that can be used to gain information is very effective indeed and now we are putting even more sensitive information on these devices. Today more people are buying smartphone’s and tablet devices than there are people buying laptops. It would only be natural for cybercriminals to divert their attention from personal computer users and work on mobile devices.

The technology as well as the concept of using smartphone’s hasn’t been around too long however it is estimated that for 2012 global mobile transactions will be close to $200 billion. The number of banking applications available to users across all platforms is growing rapidly and with it s rising the number of people using these mobile banking services.

Other research firms forecast that in the next three years the value of global smartphone transactions will topple the $1 trillion mark, and over 500 million users worldwide will make this possible. For someone trying to steal banking data from smartphone’s that is a lot of users to be able to attack, increasing the chances of success.

New applications which are able to provide banking services to users directly on their smartphone enable to user to conduct credit card transactions from the phone itself through the app. Credit card data and information is on the device allowing the user to make transactions from anywhere in the world. Also the fact that public Wi-Fi networks and networks which you are uncertain about may not be safe to use as people maybe monitoring devices on the network.

This results in things such as identity theft and not only is this problem for the individual but also for related institutes such as banks. The user ends up having to sort out problems with retailers and financial institutions while also suffering a frozen account and an out of order credit card.

According to what security firms such as Gartner have found is that once a hacker can successfully breach and be able to execute commands on the target phone they quickly head for financial data. With information about the target phones users’ bank account and credit card the next step is to withdraw money or spend it. In some situations the compromised phone was used as a stepping stone to reach to more devices for the same purpose. It should also be considered that things which have made using these services easier such as being able to do it from any location has also helped those trying to do harm through this technology. A cybercriminal could on the other side of the globe or right down the street.

Android and Apple have the largest consumer bases for smartphone’s at the moment and so they are the ones that are most hard hit by attacks. Developers are modifying the way they build apps that will be used to conduct banking services but it will be a task to address all the visible loopholes.

Stella Rebecca’s major effort has revolved around latest gadgets. Recently she’s been playing with the many Tracking Software for Blackberry that are diverting the interest of the new generation. Readers can find out more about what’s most recent and happening in the spy software for blackberry world.