Hackers to Blame For Stunted Mobile Banking Growth

Bankers are struggling to get more customers to go mobile because of security concerns, according to a recent report from the Federal Reserve. For several years, mobile banking in the U.S. was growing rapidly but has recently slowed dramatically. The report found that 52 percent of smartphone users did at least one mobile banking transaction in the last year—only a one percent increase from 2013. Nearly two-thirds of those who did not use mobile banking cited security concerns, such as data interception, phone hacking or a lost/stolen phone.

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