More than half of adults in the UK would never use mobile banking services, and many avoid using mobile financial services according to a new report from Intercede, entitled ‘The Rise of the Identity Centric Economy'.
Half of the 2,000 UK consumers surveyed stay away from money transfer apps, and 24 percent wouldn't feel safe shopping on their mobile devices. Identity theft was the biggest data loss concern in the event of their mobile being stolen.
In a statement to the press, CEO of Intercede, Richard Parris said: “It's not surprising that consumers just don't trust mobile security. [...] It's clear that security needs a radical revamp.” Only 18 percent of consumers are confident that their mobile device is secure. 54 percent of consumers are worried about the security of their device, with 18 to 24 year olds being the most apprehensive with 62 percent saying they would never use mobile banking; 60 percent would never make mobile payments; 52 percent would never use PayPal on their mobile; and 87 percent named identity theft as their biggest data loss concern should their mobile get stolen.
The survey reported a general distrust in the current mobile login and authentication options. One respondent said, “I must be confident only I will be able to log in and use them [apps] – at this stage, I just don't trust apps, especially financial ones,” whilst others commented on “Apps [being] too hackable”.
The research also found that mobile users are making it easier for hackers by using automatic log on options: 75 percent are automatically logged on to social media on their mobiles, with 72 percent for e-mail, 37 percent for shopping sites, 23 percent for mobile banking, and 27 percent for PayPal. Some 28 percent of consumers admit knowing log-in details for another person's mobile device.