Cheat sheet: As banking customers – and younger customers in particular – embrace mobile banking as their channel of choice, the security of that channel is of paramount importance. Yet vulnerabilities are widespread, users can be lax, and the bad actors are swarming.
Why we picked it: The proliferation of mobile banking apps creates new and complex vulnerabilities in the nexus between mobile technology and its users. Effective defense will require that banks keep pace both with the increasing sophistication of actors and the evolving, sometimes reckless behavior of mobile banking customers.
Fueled by consumer preference and personalized experiences, the mobile banking market is outpacing online banking across all age groups and is projected to reach $7 billion by 2023.