Mobile Banking Updates - Mar 28

Tips to enhance Mobile banking security
"The widespread use of mobile banking means more convenience for consumers and offers better ways to monitor account activity. Unfortunately, it also means there are more opportunities for consumer fraud, says Technology Credit Union, a Silicon Valley credit union that has served the financial needs of high tech professionals for 50 years and is an industry leader in online and mobile banking technology.

Credit unions and banks across the country employ multiple forms of identification authentication, log-in procedures and encrypted communications to make sure cyber criminals can't access confidential banking information while consumers are using a mobile banking application. However, the biggest threat to mobile security isn't the technology; it's the fact that many consumers are ignorant of the many fraudulent applications that exist online and on mobile platforms."

Wells Fargo, Western Union: Mobile financial services all about convenience
"A panel at CTIA discussed trends in mobile banking, payments and other financial services, agreeing that it is all about providing convenience to customers.

Moderated by Jacqueline Chilton, partner at Glenbrook Partners, the panel gave the perspective of two banks, Western Union and Fiserv on mobile financial services, including NFC contactless payments. One contentious topic that came up was potential revenue-sharing models between financial institutions and carriers for mobile payments, in which the banks demonstrated little interest."

mBlox Survey Finds Mobile Banking Overtakes Telephone Banking in the U.S. and U.K.
"CTIA Wireless 2010, Booth 107 - Today mBlox (www.mblox.com), the world’s largest mobile transaction network, released the results of consumer research that found mobile banking to have gained a foothold in the U.S. and U.K. markets. Surpassing both branch and telephone banking in terms of popularity, the survey found that 25 percent of U.S. mobile phone users and 37 percent of U.K. mobile phone users have adopted mobile banking services.

When asked which banking method users preferred, respondents found mobile banking more convenient and easier to use than telephone banking (voice and touchtone) by a margin of 3 to 1 in the U.S. and by a 1 percent margin in the U.K. Conversely, when asked about branch banking, fewer respondents selected it as their favorite method of banking, with only 2 percent in the U.S. and 3 percent in the U.K. choosing it as their preferred method."

SK Telecom and Hana launch SIM-based mobile contactless payments and promotions service
"Korean mobile network operator SK Telecom has launched T Smart Pay, a new mobile contactless service offered in cooperation with Hana SK Card, the card issuer in which it took a 49% stake in December.

T Smart Pay customers will be able to use the service to make payments at retailers equipped to accept Visa PayWave contactless card payments and will be able to receive both discount coupons and membership points.

Customers will be able to store up to eight credit cards in their mobile phones, as well as up to 30 membership/point/mileage cards and 50 coupons."