Mobile Banking Security - June 24

Be safe with mobile banking
"Gone are the days when you wait for the bank to mail a bank statement and you balance your account before you spend any more money. Many of us now rely on online banking on our computer, smart phone or tablet. We check our accounts often and rely on this to make financial decisions."

Biometric Authentication Provides Better Mobile Device Security, Heavy Reading Finds
"Biometrics Offer Promise for More Secure Smartphones examines the market for biometric authentication on smartphones, analyzing the most lucrative verticals for the market, and discussing drivers and challenges in the industry. It includes a comparative analysis of solutions available and details trends that will likely occur in the industry over the next 18-24 months."

Double Cashing With Mobile Banking
"The case of a Kentucky man arrested this month for using mobile banking to steal thousands of dollars from a local supermarket chain highlights the security loopholes that thieves can exploit in mobile check deposit schemes being deployed by financial institutions across the country."

Five Tips for Mobile Banking
"In this tech-savvy world, everything is readily accessible and convenient…even banking. Gone are the days of waiting in line at the bank or even waiting for the computer to boot up. Now, bank accounts are accessible from anywhere in the world via a smart phone or tablet. But consumers need to be more cautious than ever when banking through any device, as hackers can prey on the unsuspecting."

HOW MOBILE PAYMENTS MIGHT BE THE GLOBAL MONEY-LAUNDERING MACHINE CRIMINALS HAVE DREAMED ABOUT
"Earlier this month, US prosecutors took down the global currency exchange Liberty Reserve and charged it with being the largest online money laundering operation in history, the “bank of choice for the criminal underworld.” More than a million customers used the Costa Rica-based company to wash more than $6 billion,according to an indictment. Besides drug traffickers, it alleged, Liberty Reserve’s illicit users included a wide array of gangsters and thugs, and criminal organizations engaged in credit card and investment fraud, identity theft, computer hacking, and child pornography."

Mobile banking software flaw adds to consumer wariness
"Customers of Britain’s Royal Bank of Scotland Group, which includes NatWest and Ulster Bank, were recently saddled with the latest in a string of technical errors when an outage in the bank’s mobile app occurred. The outage, which lasted around two and a half hours, heightened concerns about the integrity of bank IT systems, particularly given other recent software troubles at RBS."

Extension News Column ~ Mobile Bank Safety
"Gone are the days when you wait for the bank to mail a bank statement and you balance your account before you spend any more money. Many of us now rely on online banking on our computer, smart phone or tablet. We check our accounts often and rely on this to make financial decisions. More than three million people used mobile banking last year, up 10 times over a year earlier. If you’re not yet using your phone to check your balance, pay your bills or move money from account to account, you will soon."