Mobile Banking Security - Oct 3

Mobile banking trends and hidden risks
"While mobile banking apps are growing quickly in popularity, 68 percent of smartphone owners who have not yet adopted these apps are holding back due to security fears, while only 12 percent believe that the effort of downloading and installing such apps doesn’t justify the convenience, according to Metaforic."

Bank of America Execs Assert Mobile Banking and Security Are Top Priorities
"'Mobile is in our DNA,' explains David Godsman, an online and mobile solutions executive at Bank of America. 'It's how we operate our business.' At a briefing for reporters in Manhattan Tuesday, he said that BofA is constantly evolving and refining the security around its mobile banking application. That could mean different forms of authentication — such as biometric or voice authentication."

Mobile Payments: The Security Challenge
"When it comes to mobile payments, consumers rely on banks and credit unions to be stewards of security. But how can institutions mitigate risk through a payments mechanism they don't solely own? Dennis Simmons, president and CEO of SWACHA, a Dallas-based non-profit payments association, says security success depends on collaboration -- among banking institutions, merchants, mobile carriers, telecommunications companies and consumers."

Hidden Risks in Mobile Banking Raising Concerns
"A new Metaforic survey reveals that while mobile banking apps are growing quickly in popularity, 68 percent of smartphone owners who have not yet adopted these apps are holding back due to security fears, while only 12 percent believe that the effort of downloading and installing such apps doesn’t justify the convenience. By contrast, only 14 percent of those surveyed said that security concerns were preventing them from using PC-based online banking."