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As Mobile Banking Gets Smarter, Will it Get Safer?

The phone might not be a mobile wallet yet, but with mobile banking it should be treated as one.

Mobile banking and mobile payments were pegged as two of Bank Systems & Technology's ten game-changing tech trends for 2011. Consumers everywhere are flocking to banking services on smartphones, over text messages or through mobile browsers.

But with that increased rate of adoption comes an increased risk. Just how safe is it to conduct transactions on a mobile device? And what will the future bring in terms of security?

An NPR report yesterday discussed some of the concerns with mobile banking, particularly with downloadable apps that might store personal data on the device itself. Frankly there are differing opinions as to the security of mobile banking services.

The NPR story also discusses the possibility of biometrics in the form of facial recognition or fingerprint identification as an added level of security phone banking could feature in the near future.

But perhaps the best piece of advice is to treat the mobile phone as you would a wallet. "In other words, don't lose it," NPR recommends.

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Bank Systems & Technology - August 2014
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