Here we go again. It was just the middle of last year that most security experts were scoffing at the idea that viruses targeted at mobile smart phones could pose a danger to online banking and create new opportunities for identity thieves.

After all, with fewer than a dozen recognized viruses targeted at smart phones the era of global phone virus epidemics was too far into the future to worry about.

Not so, says a research group that focuses on banking security risks. A recent report by the Tower Group claims that 2007 will be the year that new banking and payment systems based on mobile devices will be targeted by identity thieves and other fraudsters, especially as these phones are increasingly being used as mobile wallets and always-on credit and debit cards.

According to the company more than 200 mobile viruses have already been identified, and number is doubling nearly every six months. “While most mobile phones are potential targets, smart phones and wireless PDAs are particularly attractive to fraudsters given their advanced capabilities to support PC-like applications including Web browsing and instant messaging,” claimed the company.

The reason experts believe that mobile malware now presents such a real threat to consumers is the same reason cited for the explosion in identity theft in the last few years. The financial industry is far more focused on exploiting the business opportunity in mobile banking than they are on making sure their systems are safe, secure, and street-ready and cybercriminals are never slow to take advantage of just the smallest security gap.