Tag: mobile banking

Mobile security threats are growing and evolving

Predictions consistently forecast a massive increase in problems of this nature for smartphones and tablets.

The latest forecasts regarding mobile security threats in 2014 have indicated that clickjacking, watering hole attacks, and other threats over smartphones and tablets will continue to grow in the danger that they will present.

Cyber criminals are increasingly expanding the focus of their attacks to a broader range of technologies.

According to Trend Micro, these cyber criminals are tucking themselves away in the Deep Web and are using much more sophisticated and targeted attack campaigns. This firm, which is an expert in internet and mobile security threats, has made its predictions for this year and has released them in its web video project which was entitled “2020: the Series”. This looked not only at this year but at the problems that will be faced right through to the end of this decade.

According to the firm, this year will already be a considerable one for mobile security threats.

Mobile Security Threats on the RiseThe CTO of Trend Micro, Raimund Genes, has explained that 2014 will be a “prolific year for cybercrime”. This will have an impact on individuals, businesses, and even governments. Among the most common techniques are likely to be spear phishing, open source research. These are forecasted to experience a large amount of growth this year, particularly as best practice knowledge is shared throughout the cyber criminal community.

Two of the most problematic areas in smartphone and tablet use will be in dangers in mobile banking and in targeted attacks. The report indicated that the traditional two-step verification will no longer be enough to ensure that the user remains protected.

Other forms of attack that are likely to continue to take off are malicious apps as well as man-in-the-middle attacks. These are likely to be problematic for both individual consumers and corporate users of smartphones.

The vice president of security research Trend Micro, Rik Ferguson, spoke of this trend in mobile security threats, saying that “Technology advances only more rapidly and attackers are consistently just behind the crest of that innovation, waiting for widespread consumer adoption of new gadgets, new platforms or new ways of doing things.”

Mobile commerce growth optimism high among industry leaders

Results from a recent study are showing that content and shopping will rise in African countries.

The outcomes of an MEF study have revealed that industry leaders in the three participating countries feel that mobile commerce and content are on their way up, and that this channel will experience a strong future.

This is particularly true among the study participants in Kenya who expect considerable revenue growth.

One in three respondents to the African Growth Market Study, which examined mobile commerce and content, stated that end-user revenues over this channel have risen by a greater amount than had been anticipated, last year. This revealed considerable optimism for the future of the market, though it was not surprising to many who have already been witnessing some of the most rapid growth in m-banking and money transfers among smartphone users in the world.

The insight from the study also went on to identify some of the influence of m-payments in mobile commerce.

Mobile Commerce SurveyWithin the studies, it was revealed that the main source of end-user revenue was made up of 30 percent mobile commerce, 37 percent social networks, but also a very large 53 percent m-banking.

For this reason, beyond mobile commerce, mobile payments are being seen as a substantial opportunity. The growth in this sector is being seen as the largest and fastest, currently estimated at 87 percent. This is followed by marketing over this channel. As the adoption of smartphones rapidly grows in this region and businesses build their confidence in it – and shrink their confidence in traditional downloadable content such as games and ringtones – other broader areas are starting to take off.

The CEO of MEF, Rimma Perelmuter, discussed the mobile commerce report by saying that it “provides an industry-wide snapshot on mobile activity and opportunities in Kenya today as part of our regional roadmap of activities, following the launch of our dedicated MEF Africa office in association with Vodacom in late 2012. Kenya is a market of great interest to our members and as the study clearly demonstrates a showcase for success, particularly in mobile money.”

The mobile commerce survey was supported by Nation Media Group and was conducted by MEF, along with KPMG