Mobile Banking Security - Mar 5

How Risky Is Mobile Banking? Depends on Customer Behavior
"Smartphone technology, thanks to consumer demand, is poised to become the most significant technology disrupter since the Internet and will forever change how banks serve their customers. Smartphones appeal to bank executives because of their labor-saving potential and because they provide another point of competitive distinction as banks race to create innovative handheld applications."

Consumers Yet To Trust Mobile Banking and Alternative Payments, Study Finds
"Despite being around for several years now, mobile banking still has yet to earn the kind of trust that consumers put in online banking and ATM’s, new research from BT Global Services, an IT consulting and outsourcing firm, suggests. The firm released the results of a recent global survey of 1,000 consumers today, and the findings show that consumers still trust ATM’s, self-service kiosks and online banking far more than they trust mobile banking services. Among the U.S. consumers questioned in the survey only 13% said that they would trust mobile banking more than they would these other technologies, although that percentage was higher than in some European countries like Germany (5%) and Britain (10%)."

Android mobile banking exposure to risk concerns
"Don’t move your wallet onto your phone yet: Mobile banking on Android phones could put consumers at risk of fraud and cost banks millions a year global IT security firm MWR InfoSecurity has warned on the final day of the Mobile World Congress held in Barcelona. MWR Labs, the research arm of MWR InfoSecurity, investigated the security standards of leading Android mobile phone brands to determine the overall exposure to risk of consumers who use mobile devices phones for online banking. Recent research has shown that Android is now the leading phone platform with over 50% market share, driving the development of mobile banking apps for the Android Environment."