Mobile Banking Security - Nov 20

Smart Phone Malware Risk Rises
"Mobile malware is exploding at a time when financial institutions are increasing their mobile banking offerings and consumers are making broader use of smart phones and tablets. A recent study from software and security firm Trend Micro finds that mobile malware attacks hit record numbers in the third quarter, with Android devices as the primary targets."

The Dangers of Mobile Banking
"Advertising for mobile banking has become as popular as traditional banking commercials. Customers like local makeup artist Alisha Cooper are increasingly going mobile these days and for good reasons. 'I travel as a licensed makeup artist and so I do work in North Carolina sometimes in Arizona, Atlanta different places, so for me not carrying a machine, I have to have my cell phone,' says Cooper."

BBB's 6 Tips For Safe Mobile Banking
"Banks have been promoting the use of mobile phones and other devices for banking for several years now, but what happens if you lose your phone? Can a thief empty your bank account by tapping a smartphone against yours? With mobile banking one of the fastest-growing trends in the financial sector, the Better Business Bureau (BBB) advises consumers to take precautions to keep their money safe, including installing antivirus software on phones. Users should take many of the same precautions they would when banking online with a personal computer."

Mobile Security Revenue for Banks?
"Increased interest in mobile wallets and growing smart phone use are paving the way for more mobile payments, and now is the time for banking institutions to identify what role they'll play in this emerging space. Javelin analyst Alphonse Pascual, who focuses on financial fraud and security, says institutions can't ignore mobile payments, despite the somewhat peripheral role they play. Banks and credit unions that sit by the sidelines will miss out on revenue-generating opportunities, he says."

How Secure Is Mobile Banking?
"Whether you’re paying for that latte with Google Wallet or simply checking your balances, mobile banking is the wave of the future. And with an estimated 30 million people using some form of mobile banking, it’s very much the present, too. With advantages like being able to check balances, depositing checks via text message, monitoring investments, paying for goods and much more — all whenever you like, wherever you are and on a diversity of platforms — this shouldn’t really come as a surprise."