New insight report from Goode Intelligence examines how banks are currently securing the mobile channel and offers recommendations to banks to ensure that mobile banking becomes a trusted service.
London, United Kingdom – 19th October 2012 – Goode Intelligence (www.goodeintelligence.com) believes 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”, claims Ron Condon, report author and senior analyst at Goode Intelligence.
The report Mobile Banking Security Insight Report provides an insight into the current state of mobile banking security. 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 argues that there is a great opportunity for banks to benefit from the immediacy that smart mobile devices (SMDs) offer. However, Goode Intelligence believes that there are still significant risks in adopting these exciting new communication channels and these risks mist be counteracted before consumers are confident in accepting them.
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 mixed in with an 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.”
According to Goode Intelligence, banks should adopt a number of measures to ensure that adequate security controls are integrated into the heart of their mobile banking strategy; these include:
Further information about the Mobile Banking Security Insight Report can be found at www.goodeintelligence.com
About Goode Intelligence
Goode Intelligence is the leading research, analysis and consultancy organisation for the mobile security industry; providing services to global technology and telecommunications organisations. For more information about Goode Intelligence please visit www.goodeintelligence.com
For further information contact:
Michelle Welch, Goode Intelligence
Telephone: +44 (0) 20 33564886
Mobile: +44 (0) 7901 526883
Goode Intelligence, 26 Dover Street, London, W1S 4LY, UK
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