Mobile Computing and Networking

Future of Mobile Banking

Overall mobile banking has a bright future, but as new technologies that handle money arise, so do instances of cyber-fraud. According to RT News “Android users faced six times as many cyber-attacks this year than last, according to a new study. Hackers targeted 588,000 mobile users worldwide between August 2013 and July 2014 (“Mobile cyber-attacks”).” Of those attacks about 60% of the malware found on mobile devices was designed to steal banking details or money (“Mobile cyber-attacks”). As fraudsters are starting to focus more on the mobile banking market this number will likely increase, but so will new technologies to combat these cyber-attacks.
There are many directions mobile banking could go in the future, but the most prevalent seems to be with digital wallet technology. There is already technology for this on the iPhone 6 through “Apple Pay”. Apple has partnerships with many of the major banks to handle credit card transactions through their smartphones. Through security measures such as passwords and fingerprint scanners, many customers are comfortable enough to use digital wallets (Baig). This will be a new trend to keep in mind, and there are sure to be more mobile banking technologies created in the future.