Mobile Banking Security Developments (Banking & Finance Tips– #09-092316)

Mobile banking is not exactly new anymore, but it is the target of heightened security scrutiny. After all, mobile devices get lost and stolen all the time. It is one thing to lose the money in your wallet and your easily cancelled credit cards. It is another thing entirely to lose the device that is a gateway to your banking and investment accounts. Physical access to your smart phone is not even the entire problem. Anti-malware software is far less prevalent on mobile devices than it is on desktops and laptops.

There is concern in some quarters that the industry is not quite ready for mobile banking. Yet, mobile banking proponents argue that, between instant push notifications and geolocation tracking, mobile banking allows customers to monitor fraud in real time alongside their banking institutions.

Combined with newer mobile devices that often are equipped with the latest in biometric and encryption technologies, many of our smart phones may well be more secure than our desktop or laptop computers.

Recent developments are further strengthening the arguments in favor of mobile banking. Integrated biometrics and specialized mobile banking apps are working in tandem to bring two major benefits to financial institutions and their customers alike:

Improved security, and Improved self-help features so that customers do not have to call, email, or tweet their bank’s customer care representatives (saving on customer service costs)