Submitted on 14/12/2007 09:30
Thinking of mobile banking. Are you sure your mobile is safe?
After my recent post about mobile banking being launched, my attention has been diverted lately to what is hotting up as quite a debate!
Com Bank and NAB are vying to be first in market to offer NFC (Near Field Communications) allowing us to buy anything from snacks to tickets using our phones.
The American’s are telling us mobile transactions are going to take off, up to 40.9 million in 2012 from 1.1 million today! Check out more here.
It is likely it will be sometime before we see the mobile banking market mature here, it is taking its time to mature in the USA. (Snippet link is only for registered users). The Daily Telegraph reported that 64% of those surveyed said they’d like to purchase goods on their mobile.
Security is an obvious issue, PayPal’s Galaxy poll says while we are interested in using mobile banking, 72% surveyed said they were concerned about security of their personal information.
My concern is still around the use of user names and passwords, as well as mobile banking use of SMS, instead of the use of a separate handheld security device like the Digipass we provide our RaboPlus customers.
I came across some independent information you might be interested to read if you are using your mobile for banking purposes.
Queensland University of Technology researcher Mohammed AlZomai has shown security threats are often from human error. Part of the problem is that when the customer receives the one-time password on their mobile phones, they must manually copy it from their phone. Mohammed points out, hackers are inserting false bank account numbers and customers are not noticing it. He simulated an online bank and tested 90 participants and using two types of attacks they found that 1 in 5 were successful and 61 per cent of stealth attacks were successful.
Worryingly, customers were unable to identify an attack.
One of the biggest threats facing online customers from faceless cyber criminals is phishing – a technique used to gain identity and passwords through bogus emails luring customers to fake websites.
Another major threat is hacking into wireless devices such as mobile phones, PDAs and attacking customers as they are doing their online banking transactions with mobile wireless computers.
Each method lends itself to attack. The most common vulnerability is password protection.
And lets face it most people are pretty slack about keeping passwords secure – either writing them down somewhere easy or storing all your passwords on your computer.
However, given the above, who’s really responsible?
You? Being sensible on how you protect your personal information
The Banks? Delivering better secure technology solutions and assurances
Or Both?
Votes please!
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