Mobile Banking Security - Sept 26

The rise of mobile banking and security concerns in the US 
"The Infographic from CreditScore.Net charts US consumer attitude to mobile banking. The stats are mostly from a Survey of Consumer Research Section of the Federal Reserve of around 2,000 consumers earlier this year (you should read this research). The infographic’s assertions that mobile banking is more secure than people anticipate and/or than PC banking are based on comments in articles from Business Week and Daily Finance. There are some interesting arguments in these articles why mobile banking is safer than perceived, but these (to mobiThinking’s mind) are countered by the fact that too few smartphone users have third-party security software on their phones (See this Guilde to mobile security for more info)."

Mitigating the risk in mobile banking
"Consumer adoption of mobile devices such as smartphones and tablets represents a tantalizing opportunity for banks to lure customers through mobile-banking applications. However, before offering these services, executives should conduct a thorough risk assessment of the technology involved. By taking a comprehensive approach to managing the risks of mobile banking, banks not only can safeguard their operations but also can pursue new customer segments without exposing themselves to unnecessary risk."

Oklahoma Bankers Association Warns All Consumers to be Careful with Mobile Banking
"The Oklahoma Bankers Association warns consumers to be cautious when using mobile devices to do their banking. The OBA recommends all consumers to treat their smartphones just like their checkbooks. Elaine Dodd, Vice President of Fraud at the OBA said in a press release, smartphones give consumers easy access to their accounts, which allows them to stop suspicious activity before it becomes a problem. At the same time, Dodd emphasizes potential fraudsters could also get access to all your important information."