Mobile Banking Security - May 16

Mobile Banking: Mitigating Consumer Risks
"Which security concerns should institutions be bracing for, as more consumers adopt mobile banking? BITS offers a collection of recommendations from some of the industry's top institutions. Most banks and credit unions know they can't shy away from mobile. But that doesn't mean they don't still have serious concerns about security risks. Paul Smocer, president of BITS, the technology policy division of the Financial Services Roundtable, says banking/security leaders increasingly just want to wrap their brains around the best way to mitigate the risks of mobility."

Major bank considers new security for mobile banking
"JPMorgan is considering implementing new technologies for its improved mobile banking solution that will keep sensitive information protected and ensure data quality remains high. Currently, the bank is looking into biometric technologies, specifically voice and fingerprint recognition, as a way to keep confidential records protected, according to a report by Bank Technology News."

Zeus Botnets Are Taken Down by Unique Team
"The NACHA session opened with dramatic video. Microsoft lawyers accompanied by U.S. marshals swooped into a characterless office building in Scranton, Pa., where they proceeded to seize computers that had been used to host giant botnet networks of zombie computers that–unbeknownst to their owners–were under the control of the so-called Zeus virus."

Security's not the biggest problem with m-banking
"There's a bigger worry than security when it comes to offering m-banking to the un- and underbanked. That is, how can banks make m-banking a going business concern? This according to Thabiso Moerane, mobile commerce ecosystem leader at Alcatel-Lucent, who will address the ITWeb Security Summit, taking place from May 15–17 in Johannesburg, South Africa."

Clairmail Leads New Era of Mobile Banking Security With RSA Certification
"Clairmail, Inc., the leader in mobile banking and payment solutions, today announced its acceptance to the Secured by RSA (R) Certified Partner Program and has certified interoperability between Clairmail's Mobile Banking Solution and RSA Adaptive Authentication software from RSA(R), The Security Division of EMC EMC +0.84% . Already an RSA Secured(R) Partner, the new interoperability partnership comes after rigorous RSA certification testing of Clairmail's Mobile Banking Solution and reinforces Clairmail's commitment to continually advancing platform security for end users and Financial Institutions (FIs)."

Protecting personal information extends beyond the Web, to mobile devices
"For most people, it is rare to go a day without going online or using a mobile device. While having access to the information you want and need makes life a lot easier, it's most important to use the Web wisely. Today, keeping personal information safe is a concern for virtually anyone using a computer or a mobile device to access the Internet. Given the fast pace at which technology develops, staying up to date on the latest ways to protect yourself is vital to guarding your personal information."

Mobile Banking Updates - Nov 21

Nielsen: 13% Mobile Banking
"Only a small portion of U.S. consumers are banking via mobile phone, but that group is starting to grow to become a measurable presence, according to a new study from Nielsen. The research firm found that 13.2% of households accessed their bank account through a mobile device in second quarter 2010 compared 20.8% who accessed their account using the bank’s customer service call center. The mobile share is up from 11.6% in first quarter while call center access has remained relatively flat quarter-over-quarter."

Citi to invest in mobile and online to attract affluent customers
"Citigroup Inc (NYSE:C - News) plans to spend $3 billion to $4 billion on its consumer bank to attract more business from its wealthy, urban customers, the head of its North American consumer bank said on Wednesday."

ClairMail’s hiring points to eventual IPO
"Let’s start with that last item, which brings us to ClairMail, a San Rafael, Calif. start-up with a name we don’t quite understand but a business that’s easy to grok. And why should you care about them? Because start-up companies that want to get ready for the public markets need to grow in three primary metrics: customers, revenue and employees. It also helps to have a team of executives which has already taken a company through the maturation process.

If you’re looking for the next wave of IPO candidates flying low on the radar, start with companies that are adding big customers, hiring lots of workers and bringing in seasoned executives."

GoMo News discover mobile 419 scam, maybe
"By fluke, GoMo News just might have stumble across a mobile version of the Nigeria 419 money scam. 419 being the area code you’re asked to call in Nigeria. In this case, the fraudster appears to want to get hold of our mobile phone number and ask for our help. Perhaps we are being too suspicious or can one of our readers explain how the scam – involving MTN‘s Mobile Money banking – service might work?“This is what the original email said, “I opened an account with MTN mobile money last week on Tuesday 2nd/11/2010 and I saved 50,000 on that account.” Notice the currency isn’t mentioned."

Chase Mobile Banking App Coming To Android Early December
"Turns out that a teller at a Chase Bank location leaked out that the Chase Mobile App will be making its way to the Android Market in “early December”. This comes as great news to many Android owners who bank with Chase, as we’ve seen the nice features the Chase app is capable of on iOS."

Banking Challenges Posed by Internet
"'There are at least a couple challenges created by mobile-phone activity,' says Greg Rattray, the new head of security for BITS, a division of The Financial Services Roundtable.

Rattray, who joined BITS in September, says as more financial transactions and channels such as mobile emerge, Internet strains and security have to be addressed. 'The thing that we're increasingly concerned about is the nature of these (mobile) devices,' he says, 'and whether they can be properly secured so that we can enable people to use mobile banking.'"

Names You Need To Know in 2011: Mobile Money
"Mobile Money. Mobile Commerce. It’s so new it’s too early to say what name will ultimately stick, but over the next year we’re going to be hearing a lot more about our ability to zap funds between one-another without the shackles of coins, paper bills, plastic cards or checks."

Monitise to form joint venture with Best Buy Europe and Charles Dunstone
"Monitise plc, a UK-based provider of mobile banking and payments solutions, has agreed to form a joint venture to setup Mobile Money Network with Best Buy Europe Distributions Limited and Charles Dunstone to deliver mobile marketing and payments network. Both Monitise and Best Buy Europe are based in the UK."

Mobile Banking Updates - Oct 20

Mobile Banking: Security Is A Problem
"I got an exclusive opportunity this week to attend the Mobile Financial Services Forum in Arlington, Va. Hosted by BITS and the Financial Services Technology Consortium, both divisions of The Financial Services Roundtable, the two-day forum attracted a nice mix of payments vendors, mobile providers and financial institutions. It also brought together a number of security professionals, and the overarching theme across all of the presentations and panels? Mobile is vulnerable, to things we don't even know about yet."

ING DIRECT USA LAUNCHES TWO ANDROID™ MOBILE APPLICATIONS
"To help Americans continue to bank and trade on the go, ING DIRECT USA, the nation’s largest direct bank, today launched their Android mobile banking and ShareBuilder mobile investing applications. The Android apps add to ING DIRECT’s suite of banking and investing iPhone® and Blackberry® apps and Android ATM locator app, which were launched earlier this year."

Is Barcode Scanning the Next Must-Have Feature for Mobile Banking/Payments?
"Barcode scanning via mobile phone has been around for a a while. But until Amazon.com added it to its mobile app this week, I hadn't experienced it firsthand. Target's iPhone app also supports barcode scanning, powered by RedLaser. And it's impressive. Unlike mobile remote check deposit, where the trial-and-error method of getting a good picture can be tedious, barcode scanning provides real-time feedback so you know exactly when the camera is positioned for a successful scan."

Smartphone Apps Go (Truly) Viral
"In early 2009, Citigroup (C) launched a new mobile banking application for the iPhone. It let customers check their account balances and pay bills while on the go. Thanks to a bit of sloppy code, it also could have let hackers access the banking information for 118,000 customers who downloaded the app."

M-banking gaining popularity in Pakistan
"In its initial stages, the mobile banking in Pakistan has gained tremendous popularity among customers with rapid pace as colossal amount of Rs 10 billion was transacted through a single cellular operator in a year. Telenor Pakistan, the subsidiary of Norwegian telecom giant, with its various m-banking services recorded over six million transaction carried under its brand “EasyPaisa” by the end of first year. "

CBA: Telcos stifling mobile banking ubiquity
"Telcos need to address mobile Internet costs to encourage uptake of online banking services, according to the CBA. At the AIIA’s Mobility Innovation in Financial Services roundtable, representatives from Telstra, the banking and insurance sectors gathered to discuss the future of delivery of financial services through mobile devices. Banking on mobile phones, particularly smartphones, has become increasingly popular in recent times as remote Internet browsing proliferates."

Mobile Banking: Guidance on the Way
"BITS, a division of The Financial Services Roundtable, is taking a close look at mobile. In October, BITS is hosting a conference dedicated to security concerns surrounding mobile banking and mobile payments. William Henley, the senior vice president of regulation for BITS, who formerly served as the director of IT examinations for the Office of Thrift Supervision, says banking institutions can within the next 12 months expect new federal guidance regarding the use and application of mobile financial services."

Think Firm: Banking Texts in Upward Surge
"Global volume of SMS text messages for mobile banking is expected to triple in the next five years, according to Juniper Research. New types of mobile banking alerts will help drive that number to nearly 90 billion per year by 2015, up from about 30 billion per year now, according to Howard Wilcox, author of a new white paper for the think firm based in Hampton in the United Kingdom."