Users should avoid e-commerce or banking transactions by smart phone where possible.  Smart phone software should be kept up-to-date as security patches emerge.  Also, always be careful of all applications you request and install as there are a few malicious applications circulating.

Mobile Phone Security – Advice from a Professional Hacker

QUOTE: Smart phones make it so easy to do many daily tasks — from checking e-mail to shopping to banking. But they also make you easy prey for scammers and identity thieves. “It is very difficult to have any protection on your phone,” says Dave Aitel, whose company creates penetration testing products (i.e. hacking tools).  The company, Immunity, developed a tool that can easily hack into Google Android phones, Aitel says. To be clear, it was created to test mobile security, not to be sold to people who want to tap into others’ phones. Nonetheless, the tool shows how vulnerable these phones are to hackers.