Report: Consumers 'just don't trust mobile security'

Consumer fears over security and privacy continue to haunt mobile commerce, with a new study finding that nearly half of all consumers would never use mobile payment and banking apps.

In an email to FierceMobileIT, digital identity expert Intercede said that its study "The Rise of the Identity Centric Economy" reveals that 44 percent of U.S. consumers would never use mobile banking services and 48 percent would never use bill payment apps.

"The data reveals that while the adoption of smartphones is widespread in the U.S. (close to 80 percent), 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 realize mobile technology," the firm noted.

In terms of some specifics, the survey of 2,000 consumers found that over one third would never use PayPal on a mobile device, and one in five do not feel safe shopping on their cell phones.

"Furthermore, 63 percent are worried about the level of security on their mobile device, with 84 percent of those concerned about data loss in the event their mobile device was stolen citing identify theft as their biggest worry," the firm explained.

Commenting on the study findings, Intercede CEO Richard Parris said "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 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."

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