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5th Annual Mobile Security Report: Mitigating Security Risks Transforms the Mobile Banking Channel
Javelin Strategy & Research, Dec 2011, Pages: 48
Mobile devices are actively revolutionizing the way consumers conduct financial activities. Mobile banking leapt in adoption from 2010 to 2011, and the possible introduction of EMV and NFC as a ubiquitous technology will pave the way to a mobile wallet. Users’ identity is being consolidated into their smartphones. However, although innovation is flourishing on the mobile platform, consumer education on proper security is severely lacking. Users are regularly using technology to perform sensitive activities without fully understanding how to protect themselves. This report examines the security challenges associated with mobile devices in general and the three primary mobile banking channels — SMS, web browser and application
— specifically. It also suggests ways financial institutions, mobile banking vendors and developers can educate consumers and make them more secure.
Primary Questions
- What security considerations are unique to banking on a mobile platform?
- What do consumers perceive as the current threats to the mobile banking platform?
- How do consumers perceive each of the mobile banking channels?
- What security challenges exist on the mobile browser banking channel, and how can they be mitigated?
- What security challenges exist on the application banking channel, and how can they be mitigated?
- What security challenges exist on the SMS banking channel, and how can they be mitigated?
Methodology
This report is based on data collected online in June 2011 and compared with that collected in July 2010 and July 2009. Data was gathered and weighted to reflect a representative sample of the U.S. population from the following:
- A random-sample panel of 3,180 respondents in a June 2011 online survey. The margin of sampling error is ±1.74 percentage points at the 95% confidence level. The margin of error is higher for questions answered by subsegments.
- A random-sample panel of 3,100 respondents in a July 2010 online survey. The margin of sampling error is ±1.76 percentage points at the 95% confidence level. The margin of error is higher for questions answered by subsegments.
- A random-sample panel of 3,000 respondents in a July 2009 online survey. The margin of sampling error is ±1.79 percentage points at the 95% confidence level. The margin of error is higher for questions answered by subsegments.
Primary interviews were also conducted with various mobile banking vendors as well as a mobile security and forensics firm. Due to rounding, some totals may not add to 100%.
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