The Financial Conduct Authority (FCA) will be investigating whether banks and building societies are doing enough to protect consumers from mobile banking fraud.
The mobile banking market, which includes contactless payments, money transfers and account monitoring, via mobile devices such as smartphones and tablet computers, has grown remarkably over recent years.
Only last week, Payments Council research revealed that mobile payments and internet banking will help drive up consumer use of one-off payments from their accounts from 356 million payments in 2012 to around 1.5 billion in 2022.
Key areas that the FCA will be investigating include:
The findings are due to be published in the first half of next year.
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