Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Wells Fargo & Co (WFC), Bank of America Corp (BAC) & Citigroup Inc (C): Feeling Insecure About Mobile Banking? You’re Not Alone

Page 1 of 2

It’s a scary cyber-world out there, and fear concerning Internet security is one of the top reasons that bank customers avoid mobile banking. For banks, expanding mobile offerings is win-win, enabling them to shutter expensive branch locations while opening newer, more modern spaces that cater to banking via the Internet.

So, what do banks need to do to assuage customers’ fears about mobile banking — and, more importantly, what is being done to improve security measures to protect consumers’ private information?

Wells Fargo & Co (NYSE:WFC)

Many reasons to worry
Cyber crime is becoming more prevalent, and recent attacks on banks’ websites, in addition to the recent ATM heist in Manhattan, were highlighted at the Reuters Cybersecurity Summit last month as prime examples of holes in the current framework of network security. A survey last year by Internet security company Metaforic showed that 68% of smartphone users have yet to use mobile banking because of worries about security, and the company’s CEO opined that mobile banking apps and the banks that offer them don’t do enough to ameliorate risks.

According to American Banker, a newer threat has just emerged: malware. It seems that cyber-criminals have been keeping busy adapting malware to run on the smaller screens of mobile devices, fooling users into giving up private information. The article notes that 350,000 incidences of malware were found on Google Inc (NASDAQ:GOOG)‘s Android apps last year, up from 1,000 just the year before. Though Google Inc (NASDAQ:GOOG) has a security app available, the utilization rate is low — a mere 20%. Again, banks are called out for not supplying customers with suitably secure banking apps.

Banks are getting on board
Some of the biggest banks are taking this threat very seriously, perhaps because they themselves have been the victims of cyber hacking over the past year. Wells Fargo & Co (NYSE:WFC) recently took second place in the Keynote mobile banking ratings report, receiving special kudos for its privacy and security efforts. Wells has been quite active in this area and has made it a priority to stress communications between the bank and its customers in order to keep its mobile security tight.

Page 1 of 2

Biotech Stock Alert - 20% Guaranteed Return in One Year

Hedge Funds and Insiders Are Piling Into

One of 2015's best hedge funds and two insiders snapped up shares of this medical device stock recently. We believe its transformative and disruptive device will storm the $3+ billion market and help it achieve 500%-1000% gains in 3 years.

Get your FREE REPORT and the details of our 20% return guarantee today.

Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading Comments...

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 102% in 3 years!! Wondering How?

Download a complete edition of our newsletter for free!