London-based research and consulting firm Goode Intelligence has released a report and white paper that indicate that the mobile banking channel has the potential to be more secure than online banking.
The report, “Mobile Banking Security,” looks at the current security measures of mobile banking and how banks are working with technology companies to create means to prevent fraud and identity theft.
Goode reports that banks must be on top of security efforts not only to prevent attacks but also convince customers to use mobile devices as a means for banking. Banks should also be considerate of the end-user experience when implementing measures such as two-factor authentication to make security easy to use, yet effective.
Banks can do this by leveraging the built-in features of a mobile device for multi-factor authentication and verification with biometrics, behavioral analysis and geolocation. Banks can also monitor apps to ensure the ones in the marketplace are indeed their own, and they can have a set plan for updating and testing their security.
The report is available at Goode’s site.