Although it seems absurd now, but the debut of the ATM back in the 1970s caused some consumer advocates and business observers to panic. Banking that could be done 24 hours a day? Is it safe? Secure? Those issues seemed to have been answered by the proliferation of ATMs. If 24-hour banking done at locations that are almost always under security camera surveillance created fears then the concerns of using mobile phones as portable banks seems terrifying by comparison.

Security experts warn that the increased used of mobile phones in banks means that criminals will target phones, but this is not a surprising development. As famed bank robber Willie Sutton allegedly once said, he and other criminals robbed banks because it was, “where the money is.” Money is quickly becoming tied to mobile devises. About 10 percent of American households use mobile devices for banking now according to a Nielsen survey. Some banks allow mobile deposits, and the majority of banks have some mobile offerings. The banks tout the safety of their mobile applications, but only a few have passed a security test by viaForensics.

ViaForensics specializes in mobile security, and the company put six of the most popular banking apps to a test. Only a single one of the six met with the company’s security standards. Some mobile banking applications even stored sensitive information on the phone in plain text. The banks made quick fixes to these trouble spots, but the evolving nature of technology creates a security problems. New systems, devices and upgrades to operating systems are released daily. Attempting to release mobile banking apps to match the pace of the technology often means that the app has not been completely secured prior to its release. Mobile banking seems to be the future of financial transactions, but as with other new technologies, embracing mobile banking might mean putting up with some bumps as the technology is perfected.