We used to advise people to do banking and other important business over their cellular connection when using a mobile device, since it is generally safer than connecting with a public Wi-Fi network. But even that isn't always a safe bet. Researchers have demonstrated how a portable cell tower, such as a femtocell, can be used for malicious ends. The attack hinges on jamming the LTE and 3G bands, which are secured with strong encryption, and forcing devices to connect with a phony tower over the less-secure 2G band. Because the attacker controls the fake tower, he can carry out a man-in-the-middle attack and see all the data passing over the cellular connection. Admittedly, this is an exotic attack, but it's far from impossible.
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