Consumers’ loose habits around their account passwords and mobile devices need strong security measures. On the other hand, mobile banking adoption and usage are expected to continue growing rapidly increasing phishing and hacking attempts on bank customers.
Mobile device users are about 25% more likely than the general population to use the same password to access more than one online account. This motivates criminals to seek to steal bank account credentials from mobile device users. In addition, consumers tend to access more applications and online services through their mobile devices than from full-sized computers, making password discipline harder to maintain.
The way forward, as many believe, is biometrics. Fingerprint recognition is the most popular form of biometric authentication among consumers. Apple’s building of fingerprint recognition into some of its phones has helped acceptance of the technology. Also eye’s iris recognition is well received among the consumers and it is considered to be safer than fingerprints.