Mobile Banking Security - Apr 24

Making Mobile Banking Safe
"The financial industry and banking customers are facing the age-old security balancing act of gauging convenience versus risk as the new battleground for fighting fraud shifts from traditional desktop-based online banking to mobile banking. As financial institutions work to provide mobile banking apps to customers clamoring for them, these organizations are struggling with offering the right functionality without giving the farm away to criminals. But all of that work is done under the covers and in an inconsistent manner across the industry, leaving customers to fend for themselves in evaluating whether or not their institution's mobile banking app is safe enough for their personal risk appetites."

Q2ebanking, Trusteer Partner to Further Help Financial Institutions Strengthen Multi-layered Fraud Protection
"Q2ebanking, a provider of highly secure electronic banking solutions for banks and credit unions throughout the U.S., announced today at its 2012 Client Conference, Focus in Motion!, that it has partnered with Trusteer, the leading provider of cybercrime prevention solutions to add an additional layer of security to Q2ebanking's platform. The partnership integrates the Trusteer Product Suite, including Trusteer Rapport, with Q2ebanking's single platform of e-banking solutions. As a result, Q2ebanking clients have access to another fraud protection solution, which can strengthen their security and FFIEC compliance for multi-layer fraud protection."

Mobile banking popularity puts smart phones at risk for theft
"Cell phone theft is becoming the number one crime trend in the United States. In fact, 40 percent of robberies in major cities now involve cell phones. In Washington, DC alone, cell phone-related crime is up 54 percent since 2007. What makes this so disturbing is the fact that it's not just the phone that's stolen. That device can be a key to all sorts of personal information. Like many people April Tucker has lost her phone a time or two."

BNZ app 'turns mobile into a security device'
"Bank of New Zealand has incorporated secure two factor authentication into mobile phone apps for its internet banking customers, effectively cutting one step required to log on to its mobile banking. The application 'turns smartphones into a security device', says Paul Bartlett, BNZ project manager www, mobile and online. Bartlett says BNZ is the first local bank to deploy the MobileNetGuard developed from technology provided by Entrust. It will be available for users of the bank’s mobile apps for iPhone and Android."