Your mobile banking app may help you avoid overdrawing your checking account or spending too much money. But if you’re unsure of how secure it is, you’re not alone.
Reports suggest that many people still have security-related concerns when using digital banking channels. Among mobile banking users, that’s the case for 67 percent of younger millennials, 58 percent of older millennials, 57 percent of Generation Xers and 63 percent of baby boomers, according to a recent study.
“Our recent mobile banking study confirmed that security, especially the fear of fraud, is a top online and mobile banking concern among consumers of all generations,” said Jenifer Valdivia, global marketing program manager at Jumio. “When it comes to online or mobile banking, consumers will not understand the technology their bank is using but need to feel confident that behind the easy user experience their financial data is protected.”
Skeptical consumers may be on to something. When it comes to security, all mobile banking apps aren’t created equal, says Ryan Zlockie, global vice president of authentication at Entrust Datacard.
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