40,000 (11%) of the 350,000 banking related apps across 90 app stores contain malware or suspicious binaries according to RiskIQ, a San Francisco headquartered digital security company.

Of the more than 40,000 Android mobile apps listed as suspicious: 21,076 contained adware, 20,000 contained Trojan malware, 3,823 contained spyware, 209 contained exploit code and 178 contained malicious JavaScript.

The results were compiled using the RiskIQ platform, which monitors mobile applications using software that emulates human behaviour to detect suspicious applications, application tampering and brand impersonation.

Elias Manousos, CEO of RiskIQ, said: "Mobile banking is now a way of life for most people. It also presents a lucrative opportunity for criminals to commit fraud. One of the easiest ways to steal a victim’s login and other personal information is using malware and apps with excessive permissions. Policing app stores for malicious apps and taking them down is a never ending battle for banks, and any other brand that uses the mobile channel to interact with customers."