I want to use some mobile wallets but John Mcafee has said half of phones now have key loggers on them that will grab your 12 word pass phrase that all the latest wallets use. Is it really a big risk?
It's possible as long as you are exposing or connecting your smart phones to the web. But you won't be at risk if you'll not gonna click any link that is fishy.
Most of the time we are starting to become a victim of those key loggers when we tried to visit a website that contains malware and other malicious software that we are not aware.
And always be cautious about if there are ads popping on your phone, don't ever click them. Hackers, phishers are now wiser on this thing but we should be wiser.