A team of researchers at University of Birmingham have developed a security tool called Spinner that has detected critical vulnerabilities in 9 banking apps that are operated by Bank of America and HSBC, which can put more than 10 million users at risk of their passwords and pins being hacked.
Fortunately, the vulnerabilities were corrected, but according to researchers, if exploited, could have let hackers connect to the same network as the victim – such as a public Wi-Fi network in a workplace or coffee shop – to perform a so-called Man in the Middle (MitM) attack and retrieve usernames, passwords or pin codes.
The flaw in security could have let hackers decrypt and modify any operation within the app as the user, which would ultimately allow them to phish for the user’s credentials.
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