WASHINGTON—Another report indicates that issuers must help consumers overcome their security fears to increase usage of mobile banking.
Analysts continue to address the fact mobile banking has yet to take off and meet expectations held when digital wallets were first introduced.
According to a Federal Reserve survey, 73% of non-mobile users say security concerns are an important reason they don't jump on the mobile banking wagon.
The expanding number of data breaches are not helping the situation, sources indicate.
The report indicates that 42% of mobile phone owners feel their personal information is “very unsafe” or “somewhat unsafe.” Three-quarters of mobile users the Federal Reserve study said they won’t download apps outside their primary app store, and many others refuse to send sensitive data when using public Wi-Fi networks.