All this information will be uploaded to a computer that is under the control of the attackers, where how they plan to use and manipulate such information rests entirely on their shoulders. Sounds familiar like the smartphone keylogger known as TouchLogger which was demonstrated in 2011, and according to the researchers, the inclusion of similar permission systems in RIM’s Blackberry OS as well as jailbroken iOS devices might see similar apps appearing on such platforms as well.
Having a smartphone does allow you to do a whole lot more, but ultimately, you might want to think twice about accessing sensitive sites such as your bank account via your smartphone rather than through your home’s network that, by all means and circumstances, should be far more secure as you have already taken the necessary precautions beforehand.
All in all, it does seem to be a fairly unreliable method of stealing keystrokes, but it might just work.