Consumers who use their smartphone to carry out online banking could be putting themselves at risk of having their sensitive data stolen, according to experts.
Zitmo, which is the cell phone version of the Zeus trojan, takes advantage of a loophole in the Android operating system to gain access to personal information.
Mickey Boodaei, from Trusteer, wrote in a blog that Google's Android software was a "fraudster's heaven".
"The cell phone industry is not fit for purpose, especially for financial transactions. The evidence is irrefutable. You cannot be assured of security with modern smartphones. As soon as the handset is compromised, then any data is up for grabs," Alex Fidgen, from MWR InfoSecurity, told the Guardian.
However, Mr Fidgen went on to say that the handset manufacturers are to blame for these breaches, rather than network providers or bank branch technology.
Denis Maslennikov, a researcher for Kaspersky Lab, said that the Zitmo trojan appeared in the Android Market after it was hidden in a fake anti-virus application from Trusteer.
Posted by Rachel Wheeler