Use of a telephone in banking is considerably widespread. The most popular is certainly the interactive voice response (IVR) technology, which has been adopted by nearly all major banks. There is also a new successor of this technology that is a mobile banking. It is mainly based on SMS or STK (SimToolkit) and the popularity of it is rapidly increasing largely thanks to the popularity of mobile phones. Certainly with benefits of new technology also come new threats which have to be addressed. Meanwhile, the old IVR based technology still lacks security, which questions the overall safety of using phone in banking services.The presentation summarises results of comprehensive analysis into phone banking security and introduces never previously presented attack scenarios on phone banking systems, reveals the security weakness in phone banking systems of a major banks and explains some potential methods of minimising the risks.