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7:38 AM
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The recently released Federal Reserve report on mobile banking shows a significant increase in adoption of the mobile channel for banking.

The growth in mobile banking parallels the broad proliferation of smartphones across American society, as well as a desire for convenience. The report is the Fed’s fifth annual study of mobile banking in America.

In the online survey 43 percent of adults with mobile phones and bank accounts reported having used mobile banking. This was a 4 percent lift over the report of the prior year.

Most commonly, mobile bankers used the channel to check account balances. Other popular mobile banking tasks were transferring money between accounts,  or receiving electronic alerts from their Fi.

The report shows that an impediment to adoption of mobile banking and payments continues to be security concerns.

Over half of mobile banking adopters cited the mobile channel as one of the three most important ways they interact with their banks.

Use of mobile payments continues to lag adoption of mobile banking.

The complete 2016 report as well as a video summary can be obtained at federalreserve.gov/communitydev/mobile_finance.htm
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6:47 AM
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Who’s Watching You While You are
Watching TV

As connected TVs, smart thermostats and smartphone-controlled door locks proliferate in American homes so do concerns about exactly how secure and private those connections are.

According to a post on Mediapost’s Internet Of Things Daily Connected Thinking a new study shows that nearly 60 percent of consumers said they were very or highly concerned about being hacked or suffering a data breach through their connected devices. 

These concerned cover a range of issues. Sixty-eight percent expressed concern over security issues like viruses, malware, and being hacked, Sixty-five percent expressed fear that devise manufacturers could collect their data via the connection. Fifty-one percent were afraid of privacy breaches.

More than a third of those surveyed had already experienced a security or privacy incident. Nearly a quarter of the survey respondents possessed advanced technical skills, and still were not confident that they could secure their connected devices.

More than a third of the respondents said they didn’t know how to change their password on their home router. More than 60 percent said they couldn’t configure their routers to keep their home networks safe.

The Federal Trade Commission on March 31 announced a series of three seminars this fall on consumer privacy and protection. Each seminar will focus on a different technology threat. On December 7 the FTC will take a hard look at Smart TVs.   

The Commission reminds us that now “virtually all television delivery systems - smart TVs, streaming devices, game consoles, apps, and even old-fashioned set-top boxes-track your viewing habits. Manufacturers of TVs and streaming devices, the advertising industry, and others collaborate to learn was you are watching. “

The FTC will explore tracking technology as well as your understanding about how you are being watched while you are watching TV.

Smart TV manufacturer Vizio is currently facing a federal lawsuit for allegedly sharing information about people’s viewing histories, according to the daily Examiner.
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