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Follow on Google News | Omlis Warns Mobile Payments Security Used by Most Financial Institutions is SubparBy: Omlis Focusing on the impact of mobile payment security on the profitability of Western European-based financial institutions, the mobile security firm argues that the real breakthrough for financial institutions will come only through the implementation and management of security solutions designed specifically for mobile devices rather than shoehorning old solutions into a new medium. Omlis draws attention to the fact that many financial institutions operational in Western Europe now find themselves under immense pressure to increase consumer confidence in their security solutions. Recent announcements of various high profile attacks including the most recent revelation of the $1bn (http://www.ft.com/ Markus Milsted (http://www.omlis.com/ Recent findings by Ariel Sanchez (http://blog.ioactive.com/ “In securing mobile payments, one size certainly does not fit all. Financial institutions in Western Europe will find it difficult to argue against evidence that demonstrates the impact of shoehorning existing old security protocols in to their new mobile channels, leaving their customers exposed and extremely vulnerable to consistent attacks.” Mr. Milsted went on to say, “Banks must adopt a high integrity security approach that employs multichannel and device upwards encryption specifically designed for securing mobile transactions to ensure all mobile transactions they process are completely free from compromise.” Omlis recommends that financial institutions appraise and update their current security protocols, as most of the current mobile transaction security strategies are outdated and reliant on legacy systems. This recommendation also draws attention to new competition from new digital only banks such as UK based Atom Bank, Germany’s Fidor and Number 26 Banks who are poised to disrupt the banking industry through their digital and mobile focused business models. As necessity and convenience remain key drivers for the increasing adoption of mobile payments in Western Europe, consumer trust in the security of their personal and financial data via the mobile channel will increasingly dictate which brands will earn their loyalty. “Mobile banking should be facilitated with robust and secure technology that is designed to optimize security for mobile transactions. Financial institutions should only promote mobile when they provide absolute security to protect consumer trust,” said Simon Cairns, director of Orion Software and Services and Omlis technology distribution partner in Western Europe. “Utilizing a solution that is also compatible with existing infrastructure is the obvious choice, and the Omlis solution is highly interoperable to allow this opportunity yet designed for the dynamics of a mobile world.” As financial institutions strive to reduce costs and improve customer engagement, it will appear that a strong focus on mobile payment security offers a win-win scenario for financial institutions and their customers. About Omlis Omlis is a global mobile payment solutions provider bringing market proven, highly powerful, differentiated and most effective solutions to all mobile commerce security. Omlis provides completely secure, unique and uncompromised technology with 100% fault-tolerant tracking of all payments in real-time for full transaction accountability. Learn more at www.omlis.com. End
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