A smartphone is a very convenient thing, especially with all the different apps that you can get. You can do all of your banking on the go with the appropriate mobile app or secure mobile site, but that security might be compromised with a trojan called Spitmo.
From the “developers” at SpyEye, Spitmo is the first “in the wild” malware to target Android. Basically, it targets people who have already been infected by SpyEye on the desktop and it goes under the guise of telling users they have to “install security software” on their phones in order to use the bank’s online services.
Meanwhile, the SMS messages used effectively get intercepted by these bad guys and the attackers gain access to all that “secure” banking information. The good news is that very few people have been infected thus far, but it just goes to show you that your smartphone is just as vulnerable to security attacks as your PC.