- CyberCrime Center
July 14, 2014
BBA Report Has Brits Spending Close to £1 Billion (1.5 billion USD) per Day Using Mobile and Online Devices
The accounting firm, EY, and British Bankers Association (BBA) report, “The Way We Bank Now: It’s in Your Hands,” (link to report) notes that millions of UK customers use contactless cards (pocket-sized cards with embedded chips for processing and storing data), payment by mobile and SMS balance alerts. And, this year, in the UK, more than 15,000 people each day will be downloading banking apps.
Highlights from the report:
CEO of BBA
“This report shows just how enthusiastically the British public is embracing mobile banking, contactless cards and a range of other consumer-friendly banking technologies,” said Anthony Browne, chief executive of the BBA.
“This study shows that banks have, are and will continue to compete against one another to offer customers innovative technology. It’s a revolution putting more power in your hands.”
Mobile on the move
In his article on cbronline.com (link to article), Michael Moore cites Juniper Research’s prediction that more than 1.75 billion mobile phone users will be using their devices for banking by the end of 2019 compared to 800 million this year, and that countries like India and China will be driving this growth over the next several years.
Juniper Research’s Nitin Bhas, who wrote the report says, “The level of maturity in number and innovation of services being offered in the market across several geographical areas demonstrates that banks now regard the mobile channel as an indispensable revenue-stream.”
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Posted by Dan Rampe
Tags: Account Takeover, Account Takeover Fraud, Bank Fraud, Botnets, Building Trust on the Internet, CNP fraud, Context-Based Authentication, Cookieless Device Identification, Cookies, Credit Card Fraud, Cyber attacks, Data Breach, Device Detection, Device Fingerprint, Device Fingerprinting, Device ID, Fraud Prevention, Hacking, Identity Spoofing, Malware, Malware Detection, Malware Protection, Man-in-the-Browser Detection, MitB, Mobile fraud, Online Fraud, ThreatMetrix Cybercrime Defender Platform, ThreatMetrix Global Trust Intelligence Network, ThreatMetrix Web Fraud Map, Trust Tags, TrustDefender Cybercrime Protection Platform, Web Fraud