The number of people using mobile phones to authenticate financial transactions will increase from under three million users this year to over 20 million users by 2014. That's the prediction from Goode Intelligence in its latest analyst report, 'The Mobile Phone As An Authentication Device'.
SMS One-Time Password products and services will be the fastest growing area for mobile phone authentication in the next one to two years, driven by growing adoption of smartphones.
Alan Goode, who wrote the report, said "The mobile phone gives financial services companies incredible flexibility; the mobile phone can be used to provide strong two-factor authentication into all financial channels, including physical and
virtual, and also provides an excellent method to verify financial transactions including payments. The same technology that is being used to successfully authenticate financial services customers using their mobile phones can also be adopted to provide an added level of verification to secure financial transaction and payments. This type of technology is increasingly important to financial services companies and their customers in assisting the prevention of more sophisticated attacks such as the 'Man-In-The-Browser‟' (MITB) attack."