Mobile Banking: Is it safe to bank on our phones?

Is it safe tobank

on our phones?

As discussed by Sidney-Eve Matrix in her course

Digital Media Theory, FILM 315,

A rising trend of mobility is

IMMEDIACY

We are “moving at a greater velocity

due to mobile and social technologies…

we want our data and our connections

at hand, in real time…

NOW.”

Through the use of Apps

this ideal can occur.

In 2010, over 3,000,000,000

Apps were downloaded

In 2013, an estimated 29.5

billion dollars will be spent on Apps

These Apps immediately connect

us to:

social networks

(nearly 60% of the time people spend on mobile internet is spent on social

media sites)

E-mail

And can even be used to

pay our bills.

9% of Canadian consumers have a mobile banking account

20% plan to start using one within the next year

Mobile Bankers

Online/In-Person Bankers

So why is managing money on a mobile phone a growing trend?

The #1 reason to mobile bank is…

It can be done anywhere at any time“Research suggests that consumers in this country would prefer to check their bank balances, transfer money, or pay their bills while sitting on their morning train commute or standing in line at the coffee shop rather than at their office

or home computer.”

But as we embrace efficiency and immediacy…

Are we neglecting safety?

of Roger’s customers lose their cell phones per year

10%

Thus, there is a 1 in 10 chance that your smartphone,

with all your banking information, could end up in the hands of a

stranger.

"It's slightly more risky, similar to using a laptop at Starbucks," said Charlie Miller, a principal analyst at consultancy Independent Security Evaluators. "The biggest difference is you are carrying the thing around with you and are more likely to lose physical custody of it than a computer."

What can you do to be more cautious while banking on your phone?

“Mobile users should use their device PIN codes, download mobile apps only from their financial institution, switch Bluetooth off when not in use, and avoid lending their phone to strangers to minimize the chance of someone downloading a malicious app onto the device.”

“Mobile banking is secure and there's not really any cause for concern”

said Holland of Aite Group.

“This is the way of the future” said Sonia Baxendale (head of

CIBC’s consumer banking)

Do YOU access your bank accounts on your smart

phone?

Thanks for

viewing!

This slideshow was produced for Queen’s University’s summer correspondence course, FILM 315s, as taught by Sidney-Eve Matrix

For more information visit www.film315s.com

References:Slide 1Photo source: “skettalee” via Flickr

Slide 2Source: Sidney-Eve Matrix’s FILM 315 podcast on “Mobilities”photo source: “JonJon2k8” via Flickr

Slide 3Source: Sidney-Eve Matrix’s FILM 315 podcast on “Mobilities”Photo source: “sue_photographic_lover” via Flickr

Slide 4Source: Sidney-Eve Matrix’s FILM 315 podcast on “Mobilities”Photo source: “property of- me” (via Flickr)

Slide 5Photo source: “Daniel Y. Go” (via Flickr)

Slide 6 Source: Sybase Inc’s Youtube channelPhoto source: “Josh Bancroft” (via Flickr)

Slide 7Source: SybaseInc’s Youtube channel Photo source: “Stryler” (via Flickr)

Slide 8 Photo source: “garryknight” via Flickr

Slide 12Source: Ready to bank on your smartphone? By Tara Perkins and Iain Marlow in The Globe and Mail

Slide 13Image Source: “redspotted” via Flickr

Slide 14Source: direct quote from Ready to bank on your smartphone? By Tara Perkins and Iain Marlow in The Globe and

MailPhoto source: “WillyG” via Flickr

Slide 15Photo source: “lokiv7” via Flickr

Slide 16Photo source: “chris campbell” via Flickr

Slide 17Photo source: “cote” via Flickr

Slide 19Source: direct quote from “Mobile banking: Safe, at least for now” by Elinor MillsPhoto source: “titojuan” via Flickr

continued…

Slide 20Photo source: www.usfst.com via Google

Slide 21Source: direct quote from “Mobile banking: Safe, at least for now” by Elinor MillsPhoto souce: “sally henny penny” via Flickr

Slide 22Source: direct quote from Ready to bank on your smartphone? By Tara Perkins and Iain Marlow in

The Globe and MailPhoto source: “fotobananas” via Flickr

Slide 23direct quote from Ready to bank on your smartphone? By Tara Perkins and Iain Marlow in The Globe

and MailPhoto source: “eleda 1” via Flickr

Slide 24Photo source: “Milica Sekulic” via Flickr

Slide 25Photo source: Submitted on weheartit.com by Anonymous

continued…