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Lloyds Bank first to test mobile phone cash transfers

While it was obvious it as going to happen at some time, the name of Lloyds Bank was not top of the list of many City traders and market observers. Even though it has been possible to check your bank account balance on your mobile for some time, no group has been brave enough to allow funds to be transferred via instructions typed into your mobile handset. Will Lloyd lead where the rest will follow or is this a big mistake?

One problem which many people have with the system is the fact that there have been a number of security flaws recognised in mobile broadband. Those with the relevant system and experience would actually be able to piggy back you mobile connection - in certain circumstances - and watch your every key press and page view. While Lloyds Bank claims that the system they will be using is fool proof many people will probably wait until the New Year before even considering the move.

However, if successful it could save many people excessive overdraft charges simply by putting alerts on their accounts to warn when they are approaching their overdraft limit. The Lloyds move could be a big turning point for the industry but time will tell.

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