FCA Review Weighs Up the Risks of Mobile Banking

The UKs FCA (Financial Conduct Authority) has published an interim report looking at mobile banking and payments.

Among the potential risks identified by the report are fraud, security issues caused by malware, finance companys dependence on third parties, and errors arising from mobile devices smaller screens. 

The report, which you can read on the FCA site here, also lays out advice for firms providing mobile banking services.

“We would like to see innovation that provides consumers with products that meet their needs and match their expectations,” reads the report. “Our objectives include market integrity and consumer protection, so we wish to ensure that the market works effectively and consumers can have confidence in the services that are being provided.”

The report is just the beginning of a wider review the FCA is carrying out into mobile payments and banking, with a full report due in early 2014.