GSM BEST THAN CDMA FOR MOBILE BANKING

GSM Best for Mobile Banking

Mobile phones that use the GSM format offer the best security for mobile banking and payment applications, according to a report the Bellevue, Wash., wireless phone trade group 3G Americas LLC issued last week.
The circuitry in GSM phones offer better fraud protection than other wireless formats for financial applications, including mobile banking and making payments using near-field communications technology, the report said.
"Part of the reasoning for this recommendation is the well-established security" of the GSM components "and the ability of the mobile-network operator to access the secure element in the event a device is lost of stolen," the group said.
Consumers worry about issues such as identity theft and phishing with mobile financial applications, the report said.
"There is a segment of society that does not trust transactions solely machine-based" system, "particularly where mobile devices are concerned," Yale Vinson, a manager for technical consulting communications at Gemalto NV's North American unit, said in the report.