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Consumers fear mobile banking security threats – study

The Paypers- Another widespread opinion among consumers who chose not to sign up for mobile banking is the fact that since mobile transactions are not yet mainstream, mobile banking services providers cannot anticipate the type of attacks fraudsters could launch against users once mobile banking adoption rates climb. Despite inherent safety features such as real-time transaction alerts and transaction level validation, the research indicates that consumers overlook advantages and mainly fear security threats such as malware, which are not widespread or can be easily blocked in mobile devices.

Thus, 73 percent of consumers fear hackers can remotely access their phones, 68 percent of interviewees are concerned sensitive mobile banking data can be stolen using a wireless signal despite encryption, and 54 percent of consumers worry that their mobile phones can be stolen.

The same study points out that all the major US mobile banking platform vendors offer authentication tools which comply with the standards set out by the Federal Financial Institutions Examination Council (FFIEC), however 56 percent of them have not implemented strong authentication systems for their mobile banking platforms.

The study was conducted by financial services market research company Javelin Strategy & Research. Read Full Article