Mobile Banking Security - Sept 5

Mobile, Cloud Security Guidance Needed
"Last year, federal regulators issued FFIEC authentication guidance for online transactions. But, unfortunately, regulators apparently don't plan to issue additional guidance on the security issues involved in mobile banking and cloud computing. Larger institutions don't really need guidance on these topics. Most are addressing risks out of necessity. Higher transaction volumes expose them to more fraud. Besides, they have the staff and budgets in place to help mitigate risks."

The liability question in electronic banking fraud
"Who is liable for the lost funds when fraud happens in a customer’s bank account through the illegitimate access/use of ATM or internet banking or mobile banking? Answer to the question depends on the country in which the account is being operated. Currently, in India, the liability equation is completely skewed in favor of the bank. Customer is responsible for the safe keeping of his/her ATM card, pin, internet banking and mobile banking credentials. When a customer discovers and reports fraud in his account through the use of ATM, Internet Banking or Mobile Banking, customer is liable for the full funds lost. Not to forget, the bank has to face the consequence of reputation loss in the market."

Banks turn their eyes to mobile failings: McAfee
"Financial institutions want customers to do more mobile banking, but they don't have the mechanisms to ascertain whether the mobile devices used to access financial information have been compromised, according to McAfee CTO of cloud and datacentre solutions, Greg Brown, speaking at the Intel Cloud Summit in Bangkok, Thailand, on Tuesday. Financial institutions having been working to revamp their online banking portals and releasing new mobile apps to make personal banking convenient for customers. As such, online and mobile banking adoption have skyrocketed in recent years."

Mobile banking foils theft
"Batman has his batarang, Dirty Harry his .44 magnum and Brooklynite Dina Wohlhendler has her … mobile banking text alerts? In what might be the first case of mobile-banking vigilantism, Wohlhendler was shopping in Manhattan when she noticed her wallet was missing from her purse. Then, text alerts from her bank started hitting her phone, letting her know that someone was racking up sizable purchases at nearby retailers on her debit card."