Mobile Banking Security - Nov 15

BofA on Mobile Risk and Security
"Bank of America's Keith Gordon says securing the mobile channel is much like securing any other banking channel: Controlling risks requires layers of security and controls. But educating customers plays a key security function, too.

Mobile banking has quickly become a primary channel for Bank of America. But the $1.45 trillion bank says mobile adoption and mobile interfaces are changing, and as a pioneer in the mobile arena, BofA is taking strides to stay ahead of the curve."

How safe is mobile banking?
"As more and more aspects of our daily lives depend on the internet, the number of bank account providers offering online banking 'apps' has been rising. But is managing your bank account on a smartphone a good idea?

Lloyds TSB recently launched a free app allowing customers to check their balances, make transfers between Lloyds TSB accounts, pay bills and locate nearby branches and cash machines. It says the app has been downloaded more than 360,000 times in its first month - a clear sign that people welcome the speed and convenience that mobile banking can provide. "

McAfee Warns Consumers of the "Twelve Scams of Christmas"
"Tis the season for consumers to spend more time online - shopping for gifts, looking for great holiday deals on new digital gadgets, e-planning family get-togethers and of course, using online or mobile banking to make sure they can afford it all. But before logging on from a PC, Mac, or mobile device, consumers should look out for the "12 Scams of Christmas," the dozen most dangerous online scams this holiday season, revealed today by McAfee."

Mobile Banking: Consumer Education Needed
"In a recent survey of the United States' top 25 financial institutions, Javelin Strategy & Research found that mobile banking and mobile payments are catching on.

Most institutions appreciate the value of mobile offers; 23 of those top institutions offer some sort of mobile-banking service - SMS/text, downloadable applications, WAP/browser or a combination of all three, also known as a "triple play." That's an improvement from 2009, says Mary Monahan, managing partner and research director at Javelin, when less than 50 percent of the same banking institution set played active roles in the mobile space."