Mobile devices create new risks but can help make online banking more secure says new report
Can banks get security right for the mobile banking channel?
ReportBuyer.com the leading website for market research reports has added a report, which examines how banks are currently securing the mobile channel and offers recommendations to ensure that mobile banking becomes a trusted service.
Mobile Banking Security says that the mobile banking channel has the potential to be more secure than traditional online banking.
“Mobile devices do create new risks but they can also help to make online banking considerably more secure”, said Ron Condon the report author. This 50 page report analyses the importance of security for mobile banking and investigates how banks, with the help of their technology partners, are deploying solutions to prevent fraud and identity theft.
The report shows that there is a great opportunity for banks to benefit from the immediacy that smart mobile devices (SMDs) offer.
With the rise in mobile malware and cases of bank Trojans attacking mobile-based authentication solutions, banks must be vigilant and offer their customers a blend of security combined with excellent user experience.
Condon believes that the key to successful adoption for mobile banking services is a stellar user experience: “Heavy-handed security measures can often spoil the mobile user experience. Take authentication. If the bank customer has to use a hardware token to provide strong two-factor authentication (2FA) to access their banking service on a mobile device than this can completely destroy the user experience and lead to frustration. Security must blend in with the mobile banking experience.”
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