Third of all Chinese mobile banking apps infected with malware

Chinese apps

Almost a third of Chinese banking apps were found to be infected

Malware is infecting almost a third of all Chinese mobile banking apps, according to analysis conducted by Graphite Software.

The firm, which operates the Secure Banking App Store on Coolpad Tip Top Pro and Tip Top Max devices, discovered the proliferation of infected apps while conducting an examination of those yet to be included in the store.

32% of all those it tested were infected, among them some from recognized global app stores and major banks.

“It was not our intention to make a discovery of this magnitude,” said Alec Main, CEO of Graphite Software.

“Our premise was that isolating banking apps would protect users from malware, identity theft and increase mobile banking adoption. We didn’t think the banking apps were part of the problem.”

See more: Acecard malware family on the rise

In a Chinese study, 68% of consumers said that they avoid using mobile banking in the country, with 63% of those citing the security risks as the primary reason.

From the same study it was revealed that less than 15% of Chinese businesses use mobile banking, with nearly half saying that security was a major concern.

Graphite Software operates Secure Spaces, an Android virtualisation platform that creates separate app spaces that allow isolated instances of apps, launchers and settings.

“Of course, we cannot allow viruses into the Private Space via our app store,” said Main. “To address the issue, we have created a developer program and posted a list of the apps that are available in the store.”

By Alex Hamilton

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