Safety And Security Of Mobile Banking?

Are you a user of mobile banking? According to this FDIC publication for banks, Supervisory Insights, around 19 million U.S. households use mobile banking. Mobile banking is now mostly done with smart phones which are owned by 34% of consumers. The publication reviews the risks to banks and customers and provides strategies for banks to mitigate the risks. One risk unique to mobile banking is communication via cell phone towers. Here's an interesting way sophisticated hackers could compromise security:

it is possible to build and operate a rogue cell phone tower, trick mobile devices into connecting to the rogue tower, and hijack the mobile session, potentially compromising mobile banking sessions.