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POST Mobile money, mobile security

I once went out to lunch with an old schoolfriend of mine (we went to University together as well) who ended up in a very senior position in finance in a telecommunications company. Toward the end of a pleasant meal, some sort of alarm went off on his phone. He glanced at the device and then jumped up and ran out, shouting over his shoulder as he went words to the effect of “damn and blast, I’d quite forgotten that I had to buy £25 million in euros before 2pm, I must return to the office post haste”. Well, that sort of interruption of the port and cheese is no more.

The biggest trade on the bank’s mobile FX trading app exceeded $400 million, and it’s not uncommon to see $100 million deals go through the app, whose biggest users are hedge funds and other financial institutions.

From FX Traders Do $100 Million Deals on Mobile Phones - Bloomberg

So people are instructing transfers of hundreds of millions of dollar using their phones and, presumably, their faces or fingerprints, or at least a PIN if the transaction is for more than ten million dollars.

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