Pat Carroll, chief executive, ValidSoft says:
"In 2012, we have seen an increasing number of sophisticated attacks made on a range of organisations in an attempt to capture consumer information. In 2013 we should not only expect such attacks to escalate in terms of frequency and significance, but for traditional defence technologies to provide little resistance.
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I believe that in the UK we will see an increase in losses attributable to hijacked SMS messages if banks continue to use the medium as a supposedly secure transport mechanism without the appropriate defence mechanisms in place.
"Using the customer’s mobile phone as an authentication and transaction verification device is entirely sound, but what’s needed is a layered approach based on voice rather than SMS, and combining visible and invisible security checks such as call-forward and SIM Swap detection. I believe the message is getting out there but 2013 will still see increased losses due to SMS vulnerability."
"I personally believe that 2013 will herald a faster transition to mobile payments than analysts are currently predicting. Traditional transaction methods remain woefully inadequate to meet the needs of both the world’s large under-banked population and those who are demanding even greater convenience from their banks. Mobile opens up a host of possibilities to address both needs."
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