AdaptiveMobile Blogs

10th May 2008    Current rating: 

In the ever evolving race to prove that “if it can be done on a PC, it can be done on a mobile device!,” we of course have mobile banking. It’s the ultimate in convenience… check balances, move funds around, pay bills… all while on the go. And a recent PC World article even suggests that mobile banking is safer than PC banking:

“Some phone malware does exist, and examples tend to make headlines due to their novelty. But the main threats to online security, such as keyloggers, Trojan horses, and other data-stealing software, don’t exist for phones–yet.”

While this may be somewhat true, there is a myriad of other risks that do very much exist, some of which are outlined in Eric Everson’s MyMobiSafe blog. We couldn’t agree more with his statements:

As a mobile security professional (with a business degree), I see a much greater need to focus on the handset level mobile security vulnerabilities that threaten the macroeconomics of mobile banking as a whole. If the overall environment of mobile banking is threatened by the gaping holes of handset level security coupled with the grave lack of handset interoperability across the global wireless industry, how will mobile banking ever gain the traction needed to become a standard conduit to the financial industry?

Let’s face it, mobile banking is a newer technology that has some major areas of opportunity with regards to security. As security is only as strong as the weakest link, mobile banking faces serious hurdles at the handset level.

We certainly will be watching to see where this market segment goes… as always, where there’s innovation in technological convenience, malicious opportunists are never far behind.

  Email blog entry

  Add Comment

  Rate this Post

Rate this article

Poor

Fair

Good

Very Good

Excellent