Mobile Banking Security - May 8

6 Top Mobile Banking Risks
"Banks and credit unions that don't take steps now to anticipate mobile banking and payment risks will suffer consequences in the long run, according to new research from BITS, the technology policy division of the Financial Services Roundtable. 'Clearly, they need to be doing a good risk assessment,' says Paul Smocer, BITS' president. 'Banks need to understand where there might be different and unique threats.'"

Mobile Bankers Love Convenience, But Security Concerns Remain
"Slow speed and lack of confidence are among the top reasons consumers don’t use mobile banking more often. People also are more comfortable banking on home computers than in branches or on mobile phones. An overwhelming majority (94%) of U.S. consumers who use smartphone and online banking describe banking from their mobile device as “easy.” More than three quarters (77%) say it is “convenient,” but only 42% feel it is reliable, according to a study released by Infosys."

Improving Mobile Banking Security
"Mobile banking platforms and applications offer unique security risks and challenges, but many financial institutions fail to adequately address those risks upfront. What steps can financial institutions take to control and enhance security of their mobile platforms and applications? Brian Pearce and Amy Johnson of Wells Fargo start with customer communication."

Mobile banking: How to keep your personal information safe
"Are you a big fan of mobile banking…or maybe afraid of embracing the technology? Do you struggle with comparing the ease of banking over the phone to the threat of something happening to that info? Well, in either group, you'll want to know more about a recent experiment involving smart phones, and what happens when they are lost, then found by a stranger, and what you can do to protect yourself in case it happens to you!"

Nine tips to help prevent mobile banking fraud
"Though mobile banking is taking off across the country, some Canadians still have concerns about paying bills and transferring funds by phone. But with a few easy steps, you can take precautions to ensure that your banking information isn’t compromised:"

Guardian Analytics Launches Mobile Banking Security Software
"Guardian Analytics has rolled out fraud detection software for mobile banking services called FraudMAP Mobile. The software is meant to identify suspicious mobile banking activity across SMS, mobile Web and mobile applications. According to the company, it provides the anomaly detection capabilities expected by the FFIEC for all electronic banking channels."

Trusteer Mobile Secures Smartphones and Tablets Against Banking Fraud
"Trusteer, the leading provider of endpoint cybercrime prevention solutions, today announced a new version of the Trusteer Mobile service which prevents mobile and online banking fraud. Trusteer Mobile detects mobile malware infection and helps bank customers fix security vulnerabilities on their devices. End users can also turn off access to their online bank accounts from anywhere using their mobile devices and safely access the bank web site via a secure mobile browser. Financial institutions can authorize online banking transactions using Trusteer Mobile Out-of-band Authentication for Android and iOS devices."