Cyber-secure Mobile Financial Transactions over GSM/LTE Networks
Cyber-secure Mobile Financial Transactions means any breach of customer confidence, can have a particularly devastating impact on the uptake and use of mobile banking & payments
In today’s competitive market, any dent to your consumer confidence in your Mobile product/channel, can have a potentially devastating impact, in uptake, and even impact your brand. A recent US survey, by The Financial Brand found 73% of people never used Mobile Banking because they were “concerned about security”.
Your customers perception that their mobile financial transactions may be at risk, or vulnerable, can make all the difference between a successful product or channel – and a failure, which is why Cyber-secure Mobile Financial Transactions are an important part of an overall, secure cyber-secure response.
Modern Financial Banking & Payment network cyber-security architectures largely rely on the assumption that each node of the network is secured and encrypted from end-to-end. But what happens when this is not the case? From the moment a customer opens their Smartphone each message is highly vulnerable to interception, attack and fraud.
How is this possible?
