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2008 Mobile Banking Security Standards: Three-Part Strategy Will Increase Consumer Adoption While Protecting Banks’ Assets
Javelin Strategy & Research, Dec 2008, Pages: 51
Security concerns are the single biggest factor inhibiting consumer acceptance of mobile banking. These concerns are as much a matter of consumer perception as they are of reality – so getting both right will be key. The volume of attacks on mobile banking systems is negligible in the still-nascent and fragmented market that exists today, but will rise as adoption builds, and in particular, as operating system consolidation and platform standardization increases. With a well-designed security program in place, mobile has inherent safety advantages that make it one of the most protected channels for remote banking.
It can be used to improve overall (cross-channel) security via the inherent speed-and-notification advantages of always-on, always -present mobile access. For now, build on the diversity of platforms to maintain confidence that malware isn’t likely to infect consumer devices, but be aware that emergence of standard platforms will erase today’s advantage in the future. Included in this report is a review of the security of mobile banking vendors: ClairMail, CPNI, Firethorn, Fronde, Harland, Jack Henry, mFoundry, M-Com (marketed by Fiserv in the US), Mobile Money Ventures (MMV), Monitise Americas (marketed by Metavante in the U.S.), MShift, Tyfone, and Yodlee.
Primary Questions
-How will security affect mobile banking consumer uptake?
-What are consumers' perceptions around mobile banking security, and how should FIs address them?
-Compared to other customer interaction channels, how safe is mobile banking?
-What real security issues does mobile banking face, how are they being addressed now, and what still needs to be done?
-How do the three key mobile banking enabling technologies (mobile web, dedicated applications, and SMS text banking) – and the various mobile banking platform vendors – compare in terms of security?
This report is mainly based on data collected online from a random-sample panel of 2,714 respondents in March 2008. The survey targeted respondents based on representative proportions of gender, age and income compared to the overall U.S. online population. Overall margin of sampling error is ±1.88 percentage points at the 95% confidence level.
This report is also based on data collected online from a random-sample panel of 2,350 households in March 2008. The survey targeted respondents based on representative proportions of gender, age and income compared to the overall U.S. online population. The overall margin of sampling error is ±2.02% percentage points at the 95% confidence level. Secondary data from public sources, such as the U.S. Census Bureau and the Bureau of Labor Statistics, forms part of the projections.
This report is also based on executive interviews with risk and fraud, marketing, and security executives at each of the thirteen mobile banking vendors outlined in this report: ClairMail, CPNI, Firethorn, Fronde, Harland, Jack Henry, mFoundry, M-Com (marketed by Fiserv in the U.S.), Mobile Money Ventures (MMV), Monitise Americas (marketed by Metavante in the U.S.), MShift, Tyfone, and Yodlee.
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