Mobile Banking Updates - Oct 2

Only One in Five Consumers Feel Protected From Fraud During Mobile Banking, Survey Finds
"ThreatMetrix™, the fastest growing provider of cloud-based fraud prevention solutions that do not require personally identifiable information (PII), today announced results of a joint study with The Ponemon Institute, “Mobile Payments & Online Shopping Survey of U.S. Consumers.” The survey, which looked at U.S. consumers who self-reported they are active users of the Internet, revealed that only 21% feel they are completely protected against fraudsters when conducting mobile banking activities."

B of A Mobile Payment App Stokes Privacy Fears Among Android Users
"Controversy brewed in the Android Marketplace this week when Bank of America began rolling out a person-to-person payment feature in its mobile banking app. When users downloaded an update to the app that included the P2P feature, they were asked for permission to access their contact list without an explanation of why."

Banking? Thanks, but No Thanks.
"I recently read a rather interesting Harvard Business School study comparing the strategies of two mobile financial service providers in Africa. Wizzit entered the South African market in 2004 with a mobile service that they hoped would make banking more accessible and less frustrating for the poor. After managing to source the technology that would enable mobile banking on even the most basic phone, they ran into regulatory hurdles, and scrambled to find a banking institution to partner with."

American Express Looks to Dive into Mobile Banking Pool
"American Express (News - Alert) has decided it wants to have a higher presence in mobile banking, online commerce and such in emerging markets, according to Executive Vice President David Messenger who says deals in China and “investments in or purchases of smaller Silicon Valley startups with valuable technology,” are on the table."

Banks, Telecoms Need to Work Together on Mobile Payments
"Banks tend to look at competitors in the emerging mobile payment space with a wary eye. But after reading the latest mobile payment report, Ernst & Young's "Mobile money 2011," it's easy to draw the conclusion that banks would be better off working with one segment of this group - telecom network providers. Banks and telecom providers at this point are co-dependents after the same thing: a new source of income through mobile payments, to supplement dwindling debit card fees and rising regulatory costs on the one side and flat phone and data plan sales on the other."