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Mobile banking: coming to a cell phone near you |
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Security concerns debatable
Security is another issue that faces consumers. Cell phones are
routinely left unattended on desks at work, and countless phones
are left behind on planes, trains, boats and cabs, in gyms and restaurants,
you name it. Some say security shouldn't be a large issue, although
consumers will have to be diligent. Most cell phones can be locked;
a feature that may become more important in the future. Additionally,
the phone as a device will be known to the server and you'll have
a username and password.
"Those are the facts," says Bruene. "But
the psychology is very different. If you lose your cell phone
that's connected to your bank account, you're not going to feel
good. If you lose the phone, you'll have to have it deactivated."
Celent's Schatt says that most financial institutions
won't store data on your phone.
"With most, you'll have a session you access
when you're online, and when you close the session, all the data
is gone. But there's some middle ground," he says. "For
example, you might be able to access and store the last five transactions
you've done. Potentially, there's the danger of having too much
security on the phone to the detriment of the consumer experience.
If you need to enter a series of letters or numbers or characters
on a phone that has three letters on one key and you have to use
the shift key, you may decide not to interact the way the bank hopes
you will. You need to be two or three clicks away."
Consumer, protect thyself
But Bob Egan, research director for emerging technologies at Tower
Group, a consultant to the financial-services industry, has little
faith in the ability of banks to outwit the bad guys.
"Thieves are innovative, nimble and always outpacing
the (banks). Banks are slow, lethargic enterprises. It's a mismatch,
and we need to spend some time to get it right. There's already
evidence of problems in Europe and Asia, and here in the U.S. we're
seeing redirected text messages."
Egan also feels banks need to do a better job of protecting
consumers'
security.
"Banks have good infrastructure for their internal
security, but they've struggled with security on the consumer's
end," he says. "You, as the consumer, go home and have
spyware or virus protection on your PC. That puts the responsibility
for a large portion of the security on your hands rather than where
it belongs, on the bank's. They really haven't paid much attention
to this. Why should mobile phones be any different?"
Many experts say that cell phones are more susceptible
to mobile malware
-- as cell phone viruses, Trojans and worms are called -- because
of the fact that they're always on and carried everywhere with you.
If you've never paid attention to cell phone security, you might
want to consider it before signing up for mobile banking. Check
with your carrier and, of course, your bank. Additionally, there
are antivirus software programs specifically designed for mobile
devices.
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