Mobile Banking Updates - Feb 8

Are You Ready for the Risk of Mobile Malware?
"The recent news that Nexus One smartphone owners were unable to send or receive data is just a precursor to what security experts say is the next big threat to mobile phones and services - mobile malware.

According to Dr. Markus Jakobsson, a noted security expert in the field of phishing and crimeware, mobile phones -- especially smart phones -- pose the next big headache for security professionals. And financial institutions should be particularly concerned about risks to mobile banking."

U.S. makes small strides in getting Afghan army fighting fit, but hurdles remain
"The U.S. military is also experimenting with electronic payment and mobile banking -- allowing Afghan forces to be paid and to transfer funds through their mobile phones -- to avoid the problem of soldiers leaving their posts on payday to take cash back to their families."

Apple Slowly Integrating Quattro? Bans In-App Location-Based Ads For Developers
"Being the secretive enterprise they are, Apple has never been one to tell the world what their plans are. Tradition rings true with their purposed intentions with Quattro Wireless and their inevitable entry into the mobile advertising space.

A subtle message graced a page on Apple’s iPhone developer website as an 'App Store Tip,' saying 'If you build your application with features based on a user’s location, make sure these features provide beneficial information,' begins the so-called tip. 'If your app uses location-based information primarily to enable mobile advertisers to deliver targeted ads based on a user’s location, your app will be returned to you by the App Store Review Team for modification before it can be posted to the App Store.'”

SpeechStorm Showcases IVVO at Mobile World Congress
"SpeechStorm, the Irish company behind some of Europe's largest Video-driven mobile banking services for mobile phones, will be showcasing its latest Video IVR service, dubbed IVVO, at Mobile World Congress in Barcelona next week.

SpeechStorm's award-nominated Interactive Voice and Video Response (IVVR),or Video IVR system, IVVO, combines familiar voice-based IVR self-service features with video to create a compelling visual experience."

Apple's iTunes Preview now offers browser-based App Store access
"Apple this week expanded its browser-based iTunes Preview, now allowing users to view information on software within the App Store without ever launching iTunes.

Web site links to the iTunes Preview page can be obtained by choosing the "Copy Link" option within the iTunes application. The URL then takes users to an Apple-hosted site that provides a description, price and screenshots of any application on the App Store for the iPhone and iPod touch."

Ready to bank on your smart phone?
"Less than 10 per cent of Canadians are using mobile banking, but experts say it won't be long before the service is more popular than online banking.

Research suggests that consumers in this country would prefer to check their bank balances, transfer money, or pay their bills while sitting on their morning train commute or standing in line at the coffee shop rather than at their office or home computer."

Trial of true mobile payment begins in Shanghai
"'Mobile payment' is a large category. It covers everything from using SMS to confirm your credit card in a retailer, to simply ordering an item over the mobile internet. But for me, the true meaning of 'mobile payments' has always been to actually use your device as a payment method. Combining NFC with mobile devices, you could just wave your mobile over a reader at check-out to pay for your goods. This already works well with cards (like the Oyster card for the London Underground), and the same technology can simply be placed in your phone. Today, China Mobile and a Shanghai-based tech firm, SEIMMA Tech Co., have launched a mobile device payment trial in Shanghai."