In a study titled "Fraud, Virus and ID Theft: Mobile Malware Stands to Create a New Beginning" Tower Group chief analyst Bob Egan warns current m-commerce initiatives being developed by the financial services sector lack a justifiable focus on mobile malware.

Egan is calling for IT managers to upgrade malware and virus security packages to include mobile phones, based on what he believes are more than 200 mobile viruses in the wild. Egan said this figure doubles every six months.

"We're currently in the lull before the true storm," Egan said.

"To ensure that the mobile banking and payments channel will ultimately thrive, there is no time to waste in getting ahead of the malware challenge.

"The success of mobile banking and payments, as well as the concept of the mobile wallet, will be measured against the industry's ability to effectively contain the malware problems to a level that is at least on par with that of the existing Internet channel."