Moreover for security reasons, mobile banking requires a separate microchip that is not part of normal phones.

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To allay these security fears the mobile banking providers need to create an environment for safe transactions by addressing concerns around authentication, theft, fraud, hacking, malware, and so on.

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"In this era of mobile banking, use of counterfeit devices, which are manufactured without due consideration to the recognised security standards, may expose our mobile money systems as well as the wider banking and financial system to unnecessary risks, " said the communications secretary Dr Bitange Ndemo.

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Its trusted smart life solutions bring security and contactless performance to a wide range of applications such as eGovernment, banking, mobile transactions, transport ticketing, access management, infrastructure, device authentication, RFID tagging and gaming.

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