SCOTTSDALE, Ariz.—As the rise in digital delivery of financial services continues, a key reason for the growth is consumers are gaining greater trust in FIs’ mobile security, a new study shows.
A survey from Mitek and Cornerstone Advisors reveals that nearly 88% of Americans accessed their checking accounts using a smartphone or tablet during 2022, Biometric Update said.
Part of the reason for the rapid adoption is that 90% of consumers say they are at least somewhat confident in their bank or credit union’s security/fraud capabilities, Biometric Update explained in its analysis.
“With this data in mind, developing an excellent mobile experience for customers requires ensuring the highest level of security without sacrificing convenience. This is best done by implementing unique technology features such as biometrics and advanced anti-fraud security measures,” the news outlet stated.
Although consumer confidence in platforms is high, fraud concerns still exist. Roughly one-third of mobile banking users are “very” concerned with various types of mobile banking related fraud activities, the report shows. These include acquiring and using personal information, login credentials, or account information, transferring funds out of their accounts, writing fraudulent checks, or identity theft.
The Encouraging News
“However, in encouraging news, the percentage of consumers who had security/fraud concerns decreased in every fraud type surveyed,” Biometric Update said. “For example, less than 10% of consumers choose not to use mobile deposit technology because of security concerns. This suggests that banks and credit unions have done a fair job addressing security concerns through communication and education over the past few years.”
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