News & Views - Savantor

Mobile security still a worry

Friday, 16 December 2011

According to a new report from KPMG called The Converged Lifestyle, UK consumers and businesses have adopted new technologies such as online shopping and the use of social media faster than in other parts of the world.  The survey has also revealed unsurprisingly that mobile banking is on the rise but sadly equally unsurprisingly concerns over security and privacy still exist.  It seems that ever since mobile banking raised its head these same concerns have been expressed but there doesn’t seem to be much happening to address them.

Worryingly it seems these concerns are shared by those who should be addressing them.  ValidSoft and FSTech surveyed over 100 Chief Information Security Officers and heads of security to gauge sentiment about security in the retail banking industry.  In relation to mobile wallet and m-banking the responses indicated that the mobile wallet market is expected to expand in 2012. Respondents were asked whether they thought UK consumers were ready for it:

·         71% thought that UK consumers were not ready for the mobile wallet

·         47% believe that security is the most likely factor to prevent UK consumers from accepting the mobile wallet next year.

As for m-banking, Datamonitor expects UK usage to not only accelerate and match global uptake, but also to overtake internet as the main way for consumers to bank.  Banks were asked whether m-banking has the potential to increase or decrease fraud:

·         63% believed that m-banking could decrease fraud

·         36% believe that consumers want banks to do more to reduce fraud

·         49% believe that voice biometrics has a role to play in tighter security.

So we’re all agreed that security is still a problem but the solutions seem as far away as ever.  Maybe 2012 will bring more innovations to the market.

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