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Hacker intrusion worries slow mobile banking, Fed official says

Bloomberg News

  March 30, 2012

U.S. consumer concerns that hackers may gain access to private financial information are slowing use of smartphones and mobile devices for personal banking, said Sandra Braunstein, director of the Federal Reserve’s consumer and community affairs division. More than a third of mobile phone users surveyed by the Fed said they do not know how well the technology protects their confidential information, and another third said that the services are “unsafe,’’ according to Braunstein.

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