Mobile device security has become a focal area for improvement since the proliferation of smart phones and tablets. 24/7 access to applications is the new must-have service, which is no different in the online banking world. Improving access and mobility is central to current banking service strategies, but security must be of a level to deter/defeat the emerging threat of cybercrime targeted towards mobile devices.
Extension of functionality and convergence of solutions will prove to be an important aspect within the future market. More information accessed/provided and stored in one place makes mobile devices a more appealing target. However, in addition to the heightened threat, convergence is providing the opportunity to combine online ID and authentication solutions onto one application, or in this instance, one mobile device. It would be feasible, using NFC technology, for the mobile devices to become the authentication platform, tapping the device onto another secure contactless card/device to authenticate online identities or storing information directly onto secure elements.
Despite the exponential growth forecast in mobile device software shipments, it is not the only competitive threat to the traditional online ID & authentication hardware market.
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