Vigilance Security Magazine: Expert Comment: Research finds security risks prevent consumers from “buying” into mobile banking

August 23, 2016 — Expert Comment: Research finds security risks prevent consumers from “buying” into mobile banking

Ryan Wilk, director at NuData Security, comments on a new survey that says fraud and security concerns are holding back adoption of mobile banking technologies.


According to a recent report, banking customers are hesitant to use mobile features due to fraud and security concerns. The findings showed that of those not using mobile banking at all today (36 percent), more than half of them (74 percent) cited security as the major reason, which could slow the overall adoption of mobile banking services during a time where mobile device usage is exploding.

Ryan Wilk, director at NuData Security reacts: “We’re not at all surprised to see this reluctance on the part of consumers to adopt mobile banking wholeheartedly. It’s entirely understandable given the onslaught of daily stories about breaches, and the growing awareness about the security vulnerabilities of many mobile apps.

Consumers are gradually being schooled in online security, even if it is by getting their hands burned first. According to the new ACI 2016 Fraud Report, almost one in three UK consumers (29%) has been a victim of card fraud in the last five years, with much of that fraud perpetrated by fraudsters who made online purchases using hacked or stolen card details. Just as chilling, is the figure that a full 17% have been victimised multiple times.

For the complete article, go here.