Survey says: U.S. consumers don't trust mobile banking security

A new report entitled “2008 Mobile Banking Security Standards” by Javelin Strategy & Research finds that less than 10% of U.S. consumers use mobile banking tools.  47% of those surveyed do not use mobile banking due to security concerns and 73% are afraid that hackers will remotely compromise their handsets. Consumers are also worried about losing private banking information in the chance that they lose or have their mobile phones stolen.

Companies like Visa and MasterCard are working hard (see Visa Android App) to quash these fears, hoping to make mobile banking/transactions more prevalent in the States, especially in light of its high adoption rate in Japan and other Asian countries.

[via InformationWeek]