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Mobile Users Demand High Integrity from Banks


Mobile banking in Central and Eastern Europe is forecast to rise to 44.6m users by Q4 2015. With the number of users predicted to grow rapidly over the coming year, banks need to protect against cybercrime and provide users with digital solutions that allow them to make secure mobile transactions.

Newcastle, United Kingdom, May 30, 2015 --(PR.com)-- As the number of mobile banking consumers continues to rise across Europe, mobile security pioneers Omlis believe that banks across the continent, especially in Central & Eastern Europe (CEE) must employ a high integrity approach to mobile banking and transaction security to ensure that consumers enjoy complete data and transaction security as they engage mobile channel driven services. The recent research from Omlis draws attention to the pace of mobile payments adoption in CEE, with users predicted to increase to 44.6m users by Q4 2015, delivering over $42bn in revenue.

The specialist encryption firm attributes the year-on-year increase in data service use via the mobile channel in the CEE region to the competitive landscape of mobile subscriptions, with network operators offering cheaper mobile devices bundled with attractive deals and extensive content variety as they battle to win consumer loyalty. This battle has spread to financial institutions in the region who are increasingly embracing a predominantly digital approach to maximizing revenue from the mobile channel. In the report Omlis identifies Poland as one of Europe’s most innovative payments markets with nine banks confirming plans to commercially launch cloud-based mobile payment services in early 2015. However, the research also identifies the CEE region as ‘a hub for large scale, global cybercrime’.

Markus Milsted, founder and CEO of Omlis commented, “The growth of the mobile channel is rapidly attracting attention from cyber criminals and as a result, financial institutions must provide complete mobile security solutions designed specifically to cost-effectively secure mobile transactions.”

A joint report released by Kaspersky Lab and INTERPOL found that of the 3.4m malware detections on the mobile devices of over 1m global users, more than 50% of attacks were aimed at users in Russia, Ukraine, Poland and Belarus. Nearly 60% of the detected malware attacks were targeted at gaining unauthorized access to the financial information of exposed users. Over 90% of mobile banking Trojan attacks between 2013 and 2014 designed to steal online banking credentials were targeted at CEE Android users.

This issue is not limited to the CEE region with recent findings by the City of London Police Commissioner Adrian Leppard confirming that over 80% cyber breaches remain unreported especially by banks who “…are happy to write off the incidents as costs, thereby costing the consumer collectively and funding ongoing cyber-criminality”. Key insights in a recent Data Breaches report by Omlis on why traditional financial institutions are losing the battle against cybercrime was also in support of Mr. Leppard’s position.

“As pioneers of the high integrity approach to mobile payments encryption, Omlis delivers fault-free encryption solutions that are founded on a CbyC, or correctness by construction, methodology,” said Mr. Milsted. “Systems that currently use high integrity built software include life support machines, railway logistics equipment and air traffic control; all of which would pose a significant danger to human life if they fail. This reliability under extreme circumstances where technology simply cannot fail is precisely how Omlis has reinvented mobile payments security.”

Current trends in mobile subscriptions display a clear consumer appetite for mobile services in the CEE region that shows no signs of slowing down. As increased competition, consumer expectations and regulatory obligations become increasingly evident within CEE’s financial services, Omlis believe that banks cannot neglect the need to deliver highly secure services that are adaptable and designed specifically for mobile devices.

About Omlis
As pioneers in high integrity development for mobile payments, Omlis is reinventing mobile payment security. Omlis is a mobile payment security provider delivering high integrity security for all mobile commerce. The Omlis core encryption is immensely secure, highly scalable and interoperable, to power frictionless transactions and remove barriers to the adoption of mobile payments.
Contact Information
Omlis
Frances Stainthorpe
+44 08458381308
Contact
http://www.omlis.com

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