Consumers split about m-transaction safety


'With banks investing vast sums in mobile banking, it seems consumers are split about carrying out online transactions on their mobile devices, showed a new study. Less than half of consumers are in favour of using their mobile for transactions (48%), 36% are against and a further 16% remain to be convinced.

Interestingly it is men who are less adverse to the practice, the research from Entersekt, a mobile security software development company focussing primarily on banking and financial services by enabling user mobility, showed. Altogether 32% of men questioned stated they would use their mobiles for transactions, versus just 25% of women.

However, when examining what financial transactions they would be willing to complete surrounded by fellow passengers when travelling on public transport, just 18% of people in total would feel confident and secure to bank and shop online from their mobile phone, with a further 3% comfortable only to bank and another 18% would only shop.

Schalk Nolte, CEO at Entersekt stated: 'Just as people are looking to banks and retailers offering strengthened security, I believe mobile banking applications and services critically, should reflect this requirement. Trust is at the heart of any financial transaction and the very fact that 19% of the people surveyed are already taking advantage of mobile banking is a strong indication that it's a service people require.

'Security becomes a critical requirement and all parties involved in a financial transaction need to consider security. Mobility and freedom to transact anywhere, anytime is no longer negotiable; it is the nature of the lives we live today,' he concluded.'


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