Mobile Banking Security - Jun 19

Mobile Banking: Predicting the Risks
"Mobile security threats can be managed through testing and strategic risk-mitigation strategies, says Keith Gordon, who oversees authentication and security strategies for Bank of America's consumer online and mobile banking units. A mobile banking pioneer, Bank of America has come up with some innovative ways to anticipate mobile threats. This top-tier bank has seen its mobile-user base explode, increasing by nearly 3 million users in the last 12 months. It now has more than 10 million mobile users."

60% of Americans who don't use mobile banking 'think their mobile isn't secure'
"Mobile banking is very popular in America. Research by Infosys indicates that 94% of Americans use some kind of banking app on a mobile device. However, just about half of them think mobile banking has security problems, according to simplysecurity.com. Sandra Braunstein, the director of the Division of Consumer Community Affairs spoke before the Committee on Banking, Housing, and Urban Affairs - and noted that a high number of Americans who aren't embracing mobile banking technology are choosing not to because of perceived security risks."

5 Top Malware Threats to Online and Mobile Banking
"Hundreds of millions of dollars have been stolen by cyber-criminals from bank and credit union accounts. That is the reality and what it means to credit union executives is that the need for vigilance around online and mobile banking is severe. But then there are the flat-out empty scares that so often percolate in this field. Last week for instance security experts were aflutter over a threat named Flame which, in initial reports, was said to be Stuxnet doubled down. That would be very, very bad indeed because Stuxnet may have the capabilities to cripple nation states. But then on second look, the experts seemed to dismiss Flame as more hype than danger. Which is it? Too early to say."

Mobile Users Want More Security Control
"Consumers are ready to assume more responsibility for the security of their mobile devices, especially when it comes to mobile banking. According to research conducted by Javelin Strategy & Research, consumers want to have the ability to act and respond when they suspect they've been hit by a mobile attack that results in fraud. So what's holding them back? Jim Van Dyke, Javelin's president and founder, says banking institutions are the problem. They've been reluctant to release too much control, he says in an interview with BankInfoSecurity's Tracy Kitten (transcript below)."

Gemalto Discusses Fraud Mitigation at Annual FUNDtech Insights Conference
"Gemalto, the world leader in digital security, will speak and exhibit this week at the FUNDtech Insights Conference 2012 presented by FUNDtech and BankServe. The conference hosts two days of educational sessions, product demonstrations and expert presentations on the financial services industry."