Mobile Banking Security - July 5

Banking fraud targets device vulnerabilities
"A statement released by the South African Banking Risk information Centre (Sabric) has highlighted the importance of vigorous security measures for both PC and mobile consumers to avoid banking fraud. According to Sabric, criminals are able to send malware, or malicious software, to customers’ devices, enabling them to capture keystrokes, while mobile banking takes place from that device. The malicious software can include worms, viruses or Trojans, and devices are often infected when users download software from unverified sources."

Is Mobile Guidance on the Way?
"U.S. banking institutions should be bracing now for new mobile banking and payments security guidelines from regulators or updates to existing guidance, a growing number of banking leaders and mobile experts are concluding. Recent discussions among regulators and banking leaders about mobile risks, as well as the issuance of papers related to mobile best practices, suggest some type of security update related to mobile is on the way."

ACI Worldwide Bolsters Online and Mobile Fraud Management Capabilities
"ACI Worldwide (NASDAQ: ACIW), a leading international provider of banking and payment systems, today announced the release of the latest version of ACI Proactive Risk Manager, the company’s payments fraud management solution. Designed to help customers better detect and prevent fraud across a range of payment types, Release 8.2 offers unprecedented flexibility in monitoring both online and mobile channels, as well as wholesale transactions including wire and ACH for potential fraud. This will enable businesses to more quickly and easily uncover and mitigate incidents before they adversely impact the bottom line."