Mobile Banking ID Theft Risks Become Clear
"Younger customers, who are more confident about posting personal details and among the heaviest smartphone users, are particularly at risk. But while the incidence of identity theft is increasing, cost to consumers has stayed about steady, according to Javelin Strategy & Research's 2012 identity fraud report. 'We know the risks are still prevalent, but when you look at improved response time and reduced cost for consumers, as well as increased consumer awareness, the banks … have done a good job with education,' says Robert Dudacek, senior vice president for Wells Fargo & Co. insurance."
Be savvy about mobile banking safety
"As consumers become more comfortable with mobile payment technology, they also need to become more concerned about the security of their transactions. 'Security of your transactions is one of the biggest issues, especially with mobile payments,' said Jerry O’Flanagan, chief credit officer for First National Bank of Omaha."