Besides stealing data from your phone, there is a group of criminals called click-jackers that get you to click on a real ad. But instead of seeing the ad you want, you are forwarded to a different mobile advertisement for something you have no interest in. This generates revenue for the click-jacker and since no money is coming out of your pocket, you are none the wiser.
"It's a mistake to trust that apps you download to your mobile device are inherently trustworthy. Folks are having to learn the hard way that that's not necessarily true."-Jamz Yaneza, Threat Research manager, Trend Micro
While malware seems to be targeted at Android for now, a recent study found that 67% of iOS devices are running without the latest security upgrades and patches. Luckily, most of these problems have been nothing more than a nuisance to smartphone users and mobile ad networks. Once the problem starts to cost someone real money, only then will we see a push to get solutions.
source: BlueCoat via USAToday