Banks are pushing mobile devices for payments, but an untapped–and more immediate–opportunity may involve using mobile phones to improve security on mainstream payment types, according to one security vendor.
Consumers are "curious about this mobile-wallet concept but unsure on how secure it is," says Todd Davis, chief executive of LifeLock Inc., a Tempe, Ariz.-based identity-theft protection company.
But consumers do see a clear security benefit from immediate alerts of suspicious transactions. "They don't understand why some banks stop the card transaction instead of reach out" to the consumer to authenticate or deny the purchase, he says.
Because banks already consider mobile devices ubiquitous enough to substitute for a wallet, the devices also should be ubiquitous enough for immediate communication of suspected fraud, he says.
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