CTIA Offers Best Practices Guidelines for Mobile Banking

CTIA-The Wireless Association unveiled "Best Practices and Guidelines for Mobile Financial Services (MFS)," which were unanimously approved by America's leading wireless carrier companies.

The voluntary initiative was developed to provide consumers with a high level of safety and security for mobile banking, commerce and payments products and services.
 
The purpose of the guidelines is to promote clear and rewarding consumer experiences, to establish an environment where MFS transactions are authorized, secure, and compliant with applicable laws and industry guidelines, and to protect user privacy and financial data. Areas covered by the guidelines include data security, consent, disclosure and account information access, which are critical areas to assure wireless users of safety, security, and privacy. Overall, the Best Practices promote responsibility by the Application Providers to protect consumer information in all stages of a transaction.

The guidlines address important privacy concerns and help to set expectations of what MFS products and services will look like in the U.S.