Watch Dogs, a recent video game set in near-future Chicago follows digital vigilante Aiden Pearce, a hacker who takes down bad guys and controls city infrastructure all via his mobile smartphone. He also hacks civilian phones to plunder their bank accounts (talk about a tortured hero).
Aside from the ludicrous notion that you could steal thousands of dollars from strangers by simply pressing the “square” button, the idea behind this fictional game actually illuminates a very real consumer concern: the fear of mobile. In a recent study of 2,000 consumers by ID security firm Intercede, nearly half of American consumers polled said that they would “never” use mobile banking services, and 63% said the worry about security on their mobile devices.
With security breaches like viruses and foreign hackers popping up in the news, it’s no wonder that consumers fear their digital assets are at risk. Yet, why should the skepticism for online banking be heightened on mobile?
The study found that the chief concern for consumers and mobile banking is protecting personal and financial data if their smartphone gets lost or stolen. However, most modern smartphones already possess many advanced security functions, such as secure microSD, biometric fingerprint readers and virtual smart cards that ensure user data is well protected, even if it is misplaced. “If this baseline security technology was more widely embraced, the cellphone has the potential to be the personal security enabler of the future and not the security bleed it is viewed as being today,” Richard Parris, Intercede CEO, said.
In the fictional Watch Dogs, the world is harsh and mobile is vulnerable, but that is far from reality. A secure mobile banking experience is in the palm of the user, and only the user can take steps to ensure their smartphone is the most secure it can be. As consumer trust in mobile banking increases, expect smartphones to begin to dominate traditional venues and the fear of mobile to subside.
Now, let’s all take a deep breath, unlock those phones, and press “Transfer Funds.”