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Home > Business/Finance > Financial Services > Electronic Transactions
Mobile Banking Security: The Call for Technology Standards and Proactive Security Messaging
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Overview
Primary Questions
Findings and Analysis
Consumer Outlook on Mobile Banking Centers on Uncertainty and Distrust
Consumer Security Concerns Present a Major Barrier to Adoption
Differentiate Security in the Mobile Channel to Address Consumer Perceptions
The “Reality” of Mobile Security: Mobile Viruses and Other Imminent Threats
Although Mobile Security Is More an Issue of Perception, FIs must Remain Vigilant of Future Threats across Mobile and other Channels
Strong Collaboration among FIs, Carriers and Vendors Will Allow for Efficient Technology Standardization, Seamless Security
Security Apprehension Instigates Consumers’ Preference for Biometric Authentication, but FIs Aren’t Worried
Security Features and Potential Risks by Platform: Browser/WAP, Downloadable Application, SMS/Text Message
Consumers Perceive Bank-Provided Downloadable Application as Most Secure
Interactive Financial Messaging™: Leveraging Real-time Capabilities of Mobile Banking for Effective Fraud Mitigation
Related Research
Appendix
Table of Figures
Figure 1: Mobile Banking Deemed as “Too Risky” by One-Third of Consumers
Figure 2: Nearly Half of Consumers Perceive Mobile Banking as Unsafe
Figure 3: Consumer Adoption is a Function of Perceived Risks
Figure 4: Identity Theft Dominates Consumers’ Mobile Banking Concerns
Figure 5: Consumer Assessment of Threat Levels across Multiple Channels
Figure 6: Vendors Can Facilitate Communication between FIs and Network Operators
Figure 7: Consumer Authentication Preferences for Mobile Banking
Figure 8: Platform Security Overview
Figure 9: Majority of Security-Concerned Consumers Prefer Application from Bank
Figure 10: Two-Way Communication Allows Customer Participation in Fraud Prevention
Figure 11: Two out of Five Consumers Will Select a Platform Based on Security
Figure 12: Fewer than One out of Ten Consumers Possesses a Smartphone
Figure 13: Only 8% of Mobile Phone Users Have Mobile Anti-virus Software
Figure 14: Consumers Prefer to Obtain Mobile Anti-virus Software from their Carrier
Figure 15: Three out of Ten Consumers Believe Mobile Account Access Is Safe
Figure 16: Consumers Perceive Financial Transactions to be Less Safe
Figure 17: Among all Channels, Mobile Banking Viewed to be the Least Safe
Figure 18: Security Is Less of a Concern among Mobile Internet Users
Figure 19: One out of Five Mobile Internet Users Has Anti-virus Software Installed
Figure 20: For One out of Four Consumers, Zero Liability Will Not Boost Mobile Banking
Figure 21: Nearly Half of Online Bankers Believe Mobile Banking is Unsafe
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