The new era of mobile banking
The safer, faster and cheaper version of mobile banking.
Saturday 25 August 2007, 6:04 PM
The new era of mobile banking.
Regards
valdowaldo
Comments on this post
Great topic! I am glad to see the emergence of mobile banking, but with any migration of financial information to the mobile community it has a dark side too. I am the Founder of MyMobiSafe.com and we are very interested in sharing our technology with the banking industry. I think that fear alone is a single mitigating factor to the successful implementation of mobile banking on both domestic and global scales.
While some countries capitalize on the functionality of mobile technology, many are slow to warm up to the range of functionality such as mobile banking that exists. I think that if banks were more willing to partner with mobile security providers they would see greater user acceptance of mobile banking. With the low global levels of mobile handset level security, it is no wonder people are skittish about banking by cell phone. I see great opportunity for the banking industry to work together with mobile security providers like ours to catalyze user acceptance by removing the fear factors.
Wouldn't fraud become an even bigger problem if all banks were using the same service? One ring to rule them all, and all that...
Well actually I have done some research and there seems to be a what seems very secure ( bank grade) platform called monilink. I actually downloaded it onto my phone. And it lets me link all my banks together into one service. For the quality of the platform, the services are a bit limited. At the moment you can access balance enquiries, top up cards not only yours but you can actually top up someone elses which is pretty cool. Its a relatively new company so they are developing new things all the time like pier to pier payments. I think this service is definitely worth checking out. www.monilink.co.uk
I
David,
You raise a good point “Wouldn't fraud become an even bigger problem if all banks were using the same service? One ring to rule them all, and all that...” As the mobile security industry is taking shape there are many choices to choose from with regard to handset level protection. I can’t vouch for all mobile security providers (MSPs), but at MyMobiSafe.com we focus on a level of optimal mobile security to fit each unique handset. Quite literally one would have to “crack the code” for each individual mobile banking customer’s handset via our services. Additionally, to make our services more attractive within the mobile banking industry we have developed a revenue sharing arrangement where everyone in the equation (Customer + Bank + MSP) derives benefit. If we had a cookie cutter mobile security platform like some other MSPs, your “one ring” approach becomes frighteningly true.
As you may already be aware, another hole is being cut into mobile security as leading manufacturers (i.e. Nokia, Motorola, Apple) since October 1 have announced intentions to open their handsets to third-party. People already trust their phones way too much, so handset level mobile security is about to become a hot button issue.
The bottom line is that where money is migrating into mobile the fraud, hacking, and mobile identity theft is migrating too. Banks involved in or interested in establishing mobile banking platforms are smart to team up with MSPs that are already positioned to bring respected levels of security to a market emerging with security vulnerabilities.
Your friend in mobile security,
Eric Everson, Founder – MyMobiSafe.com
Eric.Everson@MyMobiSafe.com
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