Dubai: As with any of the digital financial services, one downside to mobile banking is online security risk. An information technology (IT) expert in Dubai said that fears of cyber fraud could impact customer acceptance of mobile banking products.
“I would say that consumers are still apprehensive when it comes to mobile banking applications. Their primary concern is security since many of them are still unaware of the advanced security features that mobile banking apps and smartphone security solutions now offer,” said Pradeesh VS, general manager at ESET Middle East.
Pradeesh said that even if a mobile device is lost, it is now possible to remotely lock or even wipe out all the data on the device. However, not many people are aware of or activate these features.
“Allaying these security fears is something that banks had to deal with when they first introduced Internet banking. Similar efforts will be required to ensure the success of mobile banking,” he added.
