Smartphone and tablet banking has been suffering from the same worries from consumers.
Despite the fact that smartphone payments and banking services are being used by a growing number of people, mobile security concerns are keeping the rate of adoption at a notably lower level than its full potential.
This, according to the most recent report issued by the Interactive Advertising Bureau.
The report was issued by the bureau in its partnership with Viggle and with InMobi. They discovered that while smartphones and tablets are being used increasingly by consumers who are managing their money online, its adoption would be greater if certain barriers did not remain in the way. Among consumers, 58 percent regularly use the app from their bank, while 50 percent use the optimized website. That said, there remain a large number of individuals who hesitate to use these services due to mobile security concerns.
Mobile security has not yet proven itself to many of the potential users who have yet to be swayed.
According to the vice president and general manager for the Mobile Marketing Center of Excellence from the Interactive Advertising Bureau (IAB), Anna Bager, discussed the situation studied in the research when she said “Clearly, mobile users are leaning into their devices for personal finance assistance wherever and whenever they happen to have a need.”
However, Bager also pointed out that consumers are still worried over mobile security issues with this type of services, even though they are using them more than they have before. She explained that “Most financial apps already contain rock-solid security, but consumers seem not to be as plugged into that fact, and that knowledge gap can make all the difference in driving further usage and adoption.”
Bager said that mobile security is an area where financial services marketers should be placing a significant amount of their focus in the campaigns that they are planning. The supported this belief, as 52 percent of its participants said that they would require a concrete guarantee, even in the case that the device should be lost, before they would use a smartphone for payments and banking for the first time, or before they would increase their use for these activities.
Mobile security is becoming more important
Security has become one of the most important aspects of the digital world. Much of the modern world has some tie to the Internet or otherwise relies heavily on technology that draws resources from the digital world. Because of this, security has become a top priority, especially as hackers and some malicious parties become more popular. IDC, a leading research firm, suggests that security is on the verge of becoming a very lucrative market, especially in the mobile space. Mobile security has become a major concern for many businesses and consumers over the past few years.
Hackers represent a new breed of thief
There are threats that exist in the digital world that are very unlike those that exist in the physical world. In the physical world, a criminal can steal physical properties, with varying degrees of success. In the digital world, however, there are no physical properties. Instead of stealing a purse or a mobile device, a hacker can steal something much more valuable: Information. Financial information, in particular, is highly prized among so called cybercriminals. As more consumers come to rely on their mobile devices to traffic such information, mobile security is becoming more important.
Security market expected to hit $870 million by 2017
According to IDC, the global market for security solutions will reach $870 million by 2017. Mobile security, in particular, is expected to be a powerful force in the security market. Hackers and other groups are beginning to focus more intently on the mobile space, largely due to the amount and kind of information that can be found on a mobile device. Until very recently, mobile security had not been an issue for consumers or businesses. This has left the mobile space with limited options regarding security and with lackluster awareness concerning the threats that exist in the digital world.
Awareness may be a significant problem for mobile security
Awareness is perhaps one of the greatest challenges currently facing the realm of mobile security. Many consumers know that threats exist in the cyber world, but not how they can protect themselves. Moreover, many consumers consider themselves invulnerable to these threats or think that their mobile device is too advanced to be susceptible to malicious attacks. Without appropriate awareness concerning mobile security, many consumers may be exposing themselves to significant risks.
