Securityconcerns:Mobile technology still suffers from questionable security.
So it may not be suitable for transfer of highly confidential financial information. Mobile devices are increasingly becoming a target for virus writers,
hackers, and short message service (SMS) spammers. According to Tower
Group’s research, over 200 mobile phone viruses have been identified since
phones have been able to support PC-like applications such as email, instant
messaging and Web browsing, and the number is doubling every six months
(Blau, 2007). The resulting disruption of service and data theft can cause many
problems for consumers, including lost revenues and customer dissatisfaction
for mobile operators. However, the greatest loss may be absorbed by banks
providing mobile access, as in almost all cases of fraud banks suffers from the
losses. This factor may be making many banks hesitant in providing mobile
banking. To be successful in mobile banking the industry must develop an
ability to effectively contain the malware problems to a level that is at least
on part with that of the existing Internet channels.