Abstract
Overview
With the introduction of any new channel or technology such as the use of
mobile devices for banking activity, financial institutions (FIs) must ensure
that the perceptions and the realities surrounding security are successfully
managed, both to ensure adoption and protect customers and the institution
from emerging threats. The key emphasis of this study focuses on the approach
that FIs should take toward consumer security education, as well as the need
for strong collaboration among vendors, banks and carriers for effective
implementation. This report provides a comprehensive analysis of the key
security aspects surrounding mobile banking: the security perceptions,
preferences and behaviors of consumers; actions that financial institutions
are taking to secure the mobile channel; and an assessment of potential
threats. Javelin also delves into the mobile security issues of FIs and
insights of vendors, extracting valuable insight from in depth interviews with
leading US banks and platform suppliers.
Primary Questions
- What are consumers’ security perceptions around mobile banking, and
how should FIs address potential obstacles to adoption based on these
perceptions?
- What real security issues do FIs face, and how are they securing the
mobile channel?
- How serious are these threats and where are they going?
- What are the security advantages/fallbacks of each of the three mobile
banking platforms:(browser-based, SMS and downloadable application)?
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