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Mobile Money Security

Challenges and Solutions

Research Report

Pages
10
Deliverables
Released
3Q 2009
Product Code
RR-1663-10
Price
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The security of the mobile channel is perhaps the greatest impediment to the exponential growth of mobile money services worldwide. Consumer perception is that mobile is not safe for personal financial services.

All three mobile delivery options -- SMS, mobile Internet, and downloadable applications -- pose security risks. For mobile money services to fulfil their potential, mobile money service providers must find the proper balance of security and convenience for consumers. What are mobile money vendors and mobile money service providers doing to ensure security? This Report details specific actions being taken today by leading mobile money service providers and vendors, and makes recommendations for specific actions that need to be taken to ensure security.

Table of Contents


Section 1.
Introduction

Section 2.
Issues
2.1. Consumer Perceptions
2.2. SMS
2.3. Mobile Internet
2.4. Downloadable Applications

Section 3.
Solutions/Best Practices
3.1. Multi-factor Authentication
3.2. For SMS
3.2.1. Nicknames, User Constraints
3.2.2. Case Study - Mcom
3.2.3. CellTrust's SecureSMS
3.3. Mobile Internet
3.3.1. Unique identification -- Mcom's approach
3.3.2. Case study - Wells Fargo
3.4. Downloadable Applications
3.4.1. Case study: Mfoundry

Section 4.
Conclusions and Recommendations
4.1. Find the right balance of security and convenience
4.2. Consumers must understand potential threats
4.3. Tell the security story
4.4. Regulatory Influence
4.5. Choose delivery - one over the other?




1 Charts
  • ABI Research 2009 Consumer Mobility Survey: Reasons Less than Very Interested in Mobile Banking Services