Security Fears Restricting Mobile Commerce in the US

Intercede revealed the results of its new research The Rise of the Identity Centric Economy, which found that 44% of US consumers would never use mobile banking services and 48% would never use bill payment apps. The data reveals that while adoption of smartphones is widespread in the US (close to 80%), and more than half say that security is a primary factor in choosing a new smartphone, current security measures are inadequate for consumers to fully utilize mobile technology.

The survey of 2,000 U.S. consumers also found that:

  • Over one third would never use PayPal on a mobile device;
  • One in five do not feel safe shopping on their cell phones;
  • 63% are worried about the level of security on their mobile device; and
  • 84% are concerned about data loss in the event their mobile device was stolen citing identity theft as their biggest worry.

Richard Parris, CEO of Intercede commented, “Nearly every week we read about another high profile hacking story in the news. From major attacks such as Heartbleed to eBay’s recent data breach, it’s not surprising that consumers just don’t trust mobile security. This is throttling the mobile economy. But with smartphone use so widespread and with the mobile device boom set to continue, it’s clear that security needs a radical revamp.”

In the wake of the Heartbleed security breach, almost two thirds (63%) stated that they are worried about the level of security on their mobile device. Consumers are keen to address this and recognize security as a top priority. When asked what was most important to them when choosing their device, functionality came out top, followed closely by security then ease of use. Brand was the least important consideration.

When asked why they were so concerned about security, respondents cited a lack of trust in current mobile login and authentication options, and worries about identity theft.

One respondent said, “I feel like even with a password, access to my banking accounts can still be easily stolen,” while another said, “I’m not convinced mobiles have adequate security.” Others pointed to fears over hacking saying, “Hackers are getting better at breaking through all security measures’ and it’s ‘so easy for information to be stolen.”

“It’s clear that consumers are fast losing confidence in traditional authentication solutions – passwords are the weakest link and no longer fit for purpose,” continued Parris. “We need to regain consumer trust if the mobile economy is to really take off. We all already have multiple digital identities, from online banking to social networking to email and others, but these identities are becoming more and more prevalent, and how we secure them is a growing concern for consumers. The industry needs to sit up and listen – we need more sophisticated forms of trusted identity.”

The research also looked at what steps consumers are taking to protect their digital identities when they are using mobile applications. Worryingly it found that many leave back doors open to hackers as they sign up for automatic log on and select ‘Remember me’ and ‘Keep me signed in’ options:

  • 52% of social media users on mobile devices are automatically logged in on their cellphone. This figure stands at 59% for those accessing email, 21% for users of Amazon and other shopping sites, 17% for online banking, and 12% for PayPal.
  • When asked if they were automatically logged in on more than one more device, the figures stood at 52% for social media users, 61% for email, 20% for online banking, 25% for shopping sites, and 15% for PayPal.
  • 51% of consumers admit they know the log in details for a friend’s, family member’s or colleague’s mobile device.
  • 52% rely on their memory to remember all passwords, suggesting they are choosing weak and easy-to-remember combinations.

*All figures are based on an independent survey of 2,054 US consumers across all adult age groups conducted by Atomik Research during June 2014.

Featured

  • Gaining a Competitive Edge

    Ask most companies about their future technology plans and the answers will most likely include AI. Then ask how they plan to deploy it, and that is where the responses may start to vary. Every company has unique surveillance requirements that are based on market focus, scale, scope, risk tolerance, geographic area and, of course, budget. Those factors all play a role in deciding how to configure a surveillance system, and how to effectively implement technologies like AI. Read Now

  • 6 Ways Security Awareness Training Empowers Human Risk Management

    Organizations are realizing that their greatest vulnerability often comes from within – their own people. Human error remains a significant factor in cybersecurity breaches, making it imperative for organizations to address human risk effectively. As a result, security awareness training (SAT) has emerged as a cornerstone in this endeavor because it offers a multifaceted approach to managing human risk. Read Now

  • The Stage is Set

    The security industry spans the entire globe, with manufacturers, developers and suppliers on every continent (well, almost—sorry, Antarctica). That means when regulations pop up in one area, they often have a ripple effect that impacts the entire supply chain. Recent data privacy regulations like GDPR in Europe and CPRA in California made waves when they first went into effect, forcing businesses to change the way they approach data collection and storage to continue operating in those markets. Even highly specific regulations like the U.S.’s National Defense Authorization Act (NDAA) can have international reverberations – and this growing volume of legislation has continued to affect global supply chains in a variety of different ways. Read Now

  • Access Control Technology

    As we move swiftly toward the end of 2024, the security industry is looking at the trends in play, what might be on the horizon, and how they will impact business opportunities and projections. Read Now

Featured Cybersecurity

Webinars

New Products

  • EasyGate SPT and SPD

    EasyGate SPT SPD

    Security solutions do not have to be ordinary, let alone unattractive. Having renewed their best-selling speed gates, Cominfo has once again demonstrated their Art of Security philosophy in practice — and confirmed their position as an industry-leading manufacturers of premium speed gates and turnstiles. 3

  • Camden CM-221 Series Switches

    Camden CM-221 Series Switches

    Camden Door Controls is pleased to announce that, in response to soaring customer demand, it has expanded its range of ValueWave™ no-touch switches to include a narrow (slimline) version with manual override. This override button is designed to provide additional assurance that the request to exit switch will open a door, even if the no-touch sensor fails to operate. This new slimline switch also features a heavy gauge stainless steel faceplate, a red/green illuminated light ring, and is IP65 rated, making it ideal for indoor or outdoor use as part of an automatic door or access control system. ValueWave™ no-touch switches are designed for easy installation and trouble-free service in high traffic applications. In addition to this narrow version, the CM-221 & CM-222 Series switches are available in a range of other models with single and double gang heavy-gauge stainless steel faceplates and include illuminated light rings. 3

  • PE80 Series

    PE80 Series by SARGENT / ED4000/PED5000 Series by Corbin Russwin

    ASSA ABLOY, a global leader in access solutions, has announced the launch of two next generation exit devices from long-standing leaders in the premium exit device market: the PE80 Series by SARGENT and the PED4000/PED5000 Series by Corbin Russwin. These new exit devices boast industry-first features that are specifically designed to provide enhanced safety, security and convenience, setting new standards for exit solutions. The SARGENT PE80 and Corbin Russwin PED4000/PED5000 Series exit devices are engineered to meet the ever-evolving needs of modern buildings. Featuring the high strength, security and durability that ASSA ABLOY is known for, the new exit devices deliver several innovative, industry-first features in addition to elegant design finishes for every opening. 3