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TMCNet:  Security problems turn more than one third of users off mobile banking [CPI Financial]

[January 19, 2014]

Security problems turn more than one third of users off mobile banking [CPI Financial]

(CPI Financial Via Acquire Media NewsEdge) According to the Kaspersky Consumer Security Risks survey conducted by B2B International with Kaspersky Lab in the summer of 2013, more than one third of users do not feel safe making e-payments on their smartphones or tablets. They do not trust the reliability of mobile device protection when shopping or banking online.


E-stores, e-payments and e-banking systems have made many financial tasks easier. You can pay your bills, purchase hard-to-find items, and make transactions with a few clicks of the mouse - without wasting time in queues.

The widespread use of smartphones and tablets makes online banking even more convenient: the portability and functionality of these gadgets means you can manage it all not only at home or in the office, but anywhere you can find Internet access or a phone signal.  Not all smartphone and tablet owners understand the benefits of accessing your money while on the go, and it seems many are hesitant to embrace mobile banking technology.

The B2B International survey shows that 37 per cent of respondents in the UAE would never use a mobile device for making online transactions, such as paying for goods in online stores. A slightly smaller, but still considerable proportion of smartphone and tablet owners (27 per cent in UAE) do not feel comfortable using their devices for online banking. And only 22 per cent of tablet and 27 per cent of smartphone users globally are unconcerned about entering financial information from their gadgets.

Android is the world's most popular mobile operating system and therefore is most frequently attacked by cybercriminals, which makes sense, since the more users to target, the easier it is for fraudsters to get illegal income.  According to Kaspersky Lab, 99 per cent of all existing mobile malware samples are developed for Android. In 2012, the company's experts found 35,000 malware samples for Android. In the first six month of 2013 that number soared to more than 47,000.

These numbers have persuaded some users to ditch these devices altogether, never mind using them for online financial transactions – 24 per cent of those surveyed in the UAE reported they would not use Android for this particular reason.

Fake Android apps for online banking operations, phishing attacks, and malicious attacks developed to intercept the data the user enters via the keyboard are some of the malicious tools that have often been used to attack the owners of Android-based devices.

One can hardly blame smartphone and tablet owners for being excessively cautious while using financial services. However, despite the growing number of threats for Android, users can safely make mobile payments by protecting their device with a reliable security solution.

(c) 2014 CPI Financial. All rights reserved. Provided by Syndigate.info, an Albawaba.com company

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