iovation, the Device Reputation Authority protecting online businesses from fraud and abuse, today announced that 12% of all financial services transactions it protects originate from mobile devices, such as iPhones, iPads, Android and Blackberry devices.
Compared to the same period in 2011, where only 2% of financial transactions were from mobile devices, makes it clear that consumers are adapting quickly to mobile banking technology.
‘From iovation’s global device view, we see firsthand proof that mobile banking is gaining traction. While financial institutions are in a race to offer consumers more mobile services, many leap before considering how to secure those transactions,’ said Greg Pierson, iovation’s CEO. ‘We want to help industry professionals determine their mobile security and risk management strategy upfront so that protection is already in place when rolling out new mobile offerings.’
According to the Gartner report “Forecast: Mobile Payment, Worldwide, 2009-2016,” the analyst firm expects mobile payment transaction volumes and values to grow 42% annually through 2016. By then they project that the market will be worth $617 billion with 448 million users.