Solving Mobile Banking’s Global Security Concerns

As mobile banking expands globally at an unparalleled rate, millions of new consumers and service providers have security concerns top of mind. In the past, ATMs and online banking gradually became proven technologies. As mobile phones – and especially smart phones – spread widely, they create a new universe of potential hacking and fraud opportunities. And while consumers may freely buy products using credit cards via their mobiles, the thought of mobile banking, which could mean exposing a full range of assets – savings, checking or even retirement accounts — to new risks places mobile security in a new category of concern. To assess the risks to consumers, the potential liability for companies and some ways to lessen them, Knowledge@Wharton interviewed Steven Beattie, global financial crimes leader at EY, and Andrea Matwyshyn, a Wharton professor of legal studies and business ethics.

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