Increasing use of banking apps on smartphone are set to cause nightmare to consumers and financial institution as per the predictions for 2016 by Trend Micro. Reports say that 3 in 4 apps in India are malicious. Irrespective of the slow adoption rate of mobile payment apps, the introduction of next generation mobile payment systems will inspire a renewed interest for threat actors to carry out real-world testing to steal information from new payment processing technologies like EMV credit cards, contactless RFID credit cards, and mobile wallets like Apple Pay and Google Wallet.
