Mobile Banking Security - Nov 14

Tackling the Top Mobile Risks
"The two greatest threats facing mobile banking today come from the risky behavior of mobile users, and their download of third-party applications. And while banks and credit unions have little control over users and third-party apps, mobile expert Tom Wills says institutions can take steps to mitigate their risks. Among his top recommendations: mobile transaction limits, enhanced authentication, device fingerprinting and fraud analytics."

New Blackhole Targets Mobile Banking Services
"According to a report published by antivirus software developer AVG, there is a significant growth in malicious software and malicious ads with hidden malware behind images posed on social media. The report revealed details about the newly released 2.0 version of Blackhole Exploit Toolkit that targets mobile banking services."

Mobile banking is not for the unwary
"Mobile banking is fast becoming a reality as European smartphone penetration continues to rise. Operators are also keen to exploit the service in the hope that it will reduce churn and provide them with some additional revenue. Of note, Deutsche Telekom CEO Rene Obermann recently confirmed that the company is actively looking at m-banking, while its rival Vodafone is pushing ahead with the expansion of its M-Pesa service, and has also recently announced a partnership to launch M-Pesa in India with the giant Icici Bank."

How Secure is Mobile Banking?
"The Internet continues to become mobile, meaning in the future even more consumers will use their smartphones and tablets for online banking. Most banks have already rolled out mobile apps and are encouraging customers to use them. But how secure are they? A new report from Reportlinker.com suggests mobile banking is fairly secure for now. Its Mobile Banking Security Insight Report suggests the financial services industry will continue to benefit from the immediacy that smart mobile devices (SMDs) offer but there are significant risks that must be counteracted before consumers are confident in accepting them."