Mobile Banking Updates - Mar 28

Mobile Banking Products Today: A Look at the Top 30 Banking Institutions
"For years, the promise of mobile banking had been ahead of the reality of the technology, but this has changed with the adoption of Web-enabled mobile phones, specifically smartphones. Mobile banking is now a high priority for the top U.S financial institutions, and investment in new mobile products and capabilities continues to grow at a rapid pace."

Hispanics Adopt Mobile Banking, Payments at Higher Rate
"Non-Hispanic black and Hispanic users represent a disproportionately high rate of adoption of mobile banking, finds a [pdf] March 2012 report from the Federal Reserve. While the former group makes up only 10.9% of mobile phone users, they account for 16.2% of mobile banking users. Similarly, Hispanic users, who make up 12.8% of all mobile phone users, represent 17.1% share of those using mobile banking."

30pc of mobile banking apps offer strong security: study
"Although mobile banking continues to gain traction with consumers, a large chunk of the world’s top banks have not equipped their applications with substantial security, according to a report from MyPrivateBanking. In the “Mobile apps in banking” MyPrivateBanking report, the researcher looked at how mobile banking apps are stacking up at a global level for financial institutions. Although the need is there, some financial institutions are not making the cut with their mobile efforts."

Leak in ING Mobile Banking app
"Dutch security researcher has found a communication error between Android smartphones and the bank was poorly protected The Mobile Banking app of the ING bank has been for months vulnerable to abuse. Bart Jacobs, professor of Computer Security at the Radboud University, was surprised. "It's a disgrace that this error was made. This is a very basic security which is not thought of. This is why the ING in security circles laughed hard."