28 Oct 2011

With mobile banking on the rise, security should as well

Smartphone and tablet users may need to consider greater mobile security software, as a new report from comScore shows 32.5 million Americans accessed a banking account via the internet through the end of the second quarter of 2011. This is 13.9 percent of all mobile device users.

"The investments in mobile made by financial services institutions, along with the continued growth in smartphone adoption, have had a truly positive effect on the use of mobile financial services," said Sarah Lenart, comScore vice president for Marketing Solutions. "New apps and mobile-enhanced sites have made it easier for customers to seek out financial information using mobile devices."

According to the study, 12.7 million mobile users use banking applications, which is a 45 percent increase from the fourth quarter of 2010. The report also showed mobile credit card services saw a jump, with 18.4 million users accessing mobile card information. ComScore said this is up 23 percent from December 2010.

Mobile Commerce Daily wrote about a report from Ovum, which said mobile security software should come from all angles, including from the user, the bank and the mobile company. The report said as an example, fraud detection techniques and varying requirements according to each transaction's risk could be helpful.