I was told with optimism recently that there is an upswing expected in the use of mobile banking services in the year ahead for key markets within the US and EU. The trouble is however, this growth is hinged on one MAJOR hurdle which is security.
Just the other week for example, news spread from media sources like USAToday.com confirmed that Google (NASDAQ:GOOG) removed more than 50 mobile banking apps from its Android Marketplace. These apps were just a few of the growing number of phishing apps that hackers are releasing into the financial services sector of mobile banking. The questions on the minds of many is, “How could this happen and is my mobile banking app safe?”
The problem is that until recently there has not been a third-party verification process to ensure the security of these apps, which is exactly why many have started looking for the MyMobiSafe Verified logo before they buy or use their apps. MyMobiSafe.com has introduced the wireless industry’s first verification process for app developers. What makes the company standout is that they work directly with app developers to credential mobile apps across all platforms. From Symbian and BlackBerry apps to Java and Android apps, MyMobiSafe Verified is certainly putting its mark on the industry.
As a mobile security professional, I literally come in contact with thousands of apps in a given week and one thing that is missing from 99% of them is an element of security. The reality is that app users want apps that are fast loading and easy to use; adding in security features to these apps more often than not makes them too robust and slow. In a market where app developers are sometimes making pennies on the dollar from each app they sell, sacrificing the user experience is not worth adding burdensome security protocols.
Mobile banking apps often have more security built-in, but without a verified logo from a credible third party, users simply just do not know what apps they can trust. Digging deeper into the issue of the phishing apps that are becoming so popularized in mobile financial services, mobile security solutions on your handset will not make your information more secure if you are voluntarily putting it into these dangerous apps. This is not to discount the importance of mobile security software on your handset as the state of device-level security remains very limited on most mobile phones.
Mobile verification is a new method that is redefining the way we view security as a mobile community. People are starting to look for the seal of approval from services like MyMobiSafe Verified before they use new mobile apps. This is a paradigm shift from the days when it seemed that any app downloaded from a reputable mobile content distributor (i.e. App Store, Android Marketplace, BlackBerry App World, GetJar, and others) was considered harmless. Today more than ever, the uptick in popularity of mobile financial services is being targeted. Without an authenticated MyMobiSafe Verified logo, how do you REALLY know your app is safe?
The opinions herein are those of their authors alone and not necessarily ...