Malware stealing Chinese mobile banking data

"A Trojan virus in China is striking mobile phone users by intercepting inbound messages and lifting sensitive financial data, according to a story by Want China Times. In particular the malware is impacting third-party payment accounts." Continue Reading

Globetrotting Mobile Banking Trojans Show Off Their Tricks

"There’s no doubting it. Mobile threats around the globe are evolving. Korea was recently targeted by an Android trojan masquerading as the Google Play app that overwrites legitimate banking apps with malicious fakes poised to steal the user’s banking credentials.

Over in Spain, an Android trojan has stepped in, trying to pass itself off as an official mobile app from the Spanish bank, Banca March." Continue Reading

Electronic banking frauds halve since toughened rules: watchdog

"Electronic banking frauds in South Korea have more than halved in the past month since the financial regulators implemented stiffer measures to curb the illegal activities, the financial regulator's data showed Tuesday.

The number of electronic banking frauds reported since Sept. 26 when the new rules kicked in came to 749 cases, down 51.5 percent from 1,545 cases reported to the regulator in the previous month, according to the Financial Services Commission (FSC). The damage is valued at some 1.3 billion won (US$1.22 million), compared with 3.2 billion won tallied over the cited period, the FSC added." Continue Reading

FICO Asia Pacific Fraud Forum Calls Bankers' Attention to Growing Problem of Enterprise Fraud

"FICO (NYSE:FICO), the leading provider of analytics and decision management technology, alerted chiefs of leading Asian banks to the growing threat of enterprise fraud at its annual Fraud Forum in Manila this month. FICO urged the bankers to adopt the latest operational and analytic techniques to fight fraud across such emerging threat vectors as demand deposit accounts, mobile channels, application fraud and merchant fraud, as the region shifts to a post-EMV chip landscape.

The conference attracted nearly 30 of the leading banking fraud and risk executives from nine countries across Asia Pacific, who met for three days to address the growing sophistication of criminals who commit fraud, and the latest approaches to thwarting them." Continue Reading

Mobility Matters: Fingerprints Coming to Mobile Banking?

"When Apple talks, who doesn’t listen? In mid-September the Cupertino, Calif., tech behemoth announced it would make fingerprint authentication available on its new iPhone 5S and immediately, across financial services, the question was raised: Will this impact mobile banking logins?

At the crux is the realization that the traditional username/password login is broken. There are way too many compromised logins and thus a rush to perfect other forms of authentication, often biometric." Continue Reading

Mobile malware to have doubled in 2013, says McAfee

"The Internet security firm McAfee Labs said it identified 17,000 new unique forms of mobile malware targeting Android-based devices in the second quarter of 2013, a 21-percent rise on the 14,000 new unique strains it identified in the first quarter.

 In the document, 'McAfee Threats Report: Second Quarter 2013,' the Santa Clara, Calif.-based firm said it expects malware strains to double this year from 2012. A key driver in the growth is the proliferation of backdoor Trojans that steal personal data without the victim's knowledge, along with banking malware that attacks user log-in information." Continue Reading

Avoid These 10 Biggest Risks Of Mobile Banking

"Bangalore: The pace of life is increasing, so is the need of people to adjust with it. ‘The quicker the better’ is the latest slogan and as such people rely a lot in technology to make their life better. The major influence of technology can be seen in banking sector that evolved over the years.

Gone are the days when people used to queue in front of banks to deposit a check or fulfill a mere banking formality. But now the trend is of mobile banking. But like most of the stories have a flip side, so thus mobile banking, reports Sienna Kossman of U.S. News." Continue Reading

International Mobile Banking Updates - Sept 18

HSBC customers hit by online banking outage
"Customers of HSBC were unable to access online banking for a period of time this morning due to an IT-related failure. Customers vented their frustrations on Twitter on Friday, complaining that they are unable to access their online and mobile banking accounts. Laura Harper ‏(@LauraJHarper24) tweeted: '@HSBC_UK_Help please can you sort out your online business banking. Going very slow this morning & I have people waiting to be paid!'"

Bank? What bank? Orange, Visa and the changing face of Africa's mobile money
"In a bid to expand its reach into Africa — in many ways the unexplored continent for financial services — US-based Visa has cut a deal with mobile giant Orange, bypassing the formal banking sector and taking advantage of a very African innovation. As of last month, subscribers to Orange's mobile money system, Orange Money, in Botswana have been able to link their mobile money accounts to the Visa network, opening up access to Visa's services even to those with no bank accounts at all."

Kiwibank Business wins top award with a 'stand-out' entry; planning SME mobile banking app for October launch
"Kiwibank has taken out the Supreme Award at the 2013 AUT Business School Excellence in Business Support Awards held last night in Auckland. It beat 41 finalists in the only national performance measure available to the business support sector. Winners were announced in 11 categories, with the Supreme winner chosen from amongst them."

Cosmos Bank launches mobile banking
"In yet another achievement, the fastest growing Urban Co-op Bank Cosmos launched mobile banking service for its customers on last Saturday at the hands of Shrinivas Patil, Governor of Sikkim. The Chairman, Krishnakumar Goyal, Vice-Chairman, Milind Kale, Managing Director, Vikrant Ponkshe, Jt. Managing Director, Suhas Gokhale, Directors of the Board, Members and Customers of the Bank were present for this function. In his inaugural speech, Governor Patil invited Cosmos Bank to open its branches in Sikkim. He also proposed that the bank should spread the web of its branches in North and North-East India too. Governor Patil alsohoped Cosmos Bank will reach the topmost position amongst the co-operative banks."

Kapital Bank launches a mobile banking application built on TranzWare Mobile Banking for Apple iOS smartphones
"WiKapital Bankth help from Compass Plus, Kapital Bank (Azerbaijan) has finished building their own mobile banking application for iOS, and successfully published it on the Apple App Store. The new application is built on TranzWare Mobile Banking and enhances the previously developed applications on the same platform for Android and Java. The application will increase the number of people using the mobile banking system, which can now be fully operated on all Apple mobile devices. This will result in improving the quality of provided services and expanding the remote banking capabilities for Kapital Bank’s customers."

Is Mobile Banking Safe And Cyber Secure In India?
"Mobile banking in India is moving towards an acceptance level. However, till now very few people and institutions are comfortable in using mobile banking in India. Mobile banking in India is still not popular according to RBI. There are certain shortcomings of mobile banking in India that are still left unaddressed. For instance, mobile governance in India is still not well established. M-governance in India is essential before mobile banking can be successfully implemented in India. We have no regulatory framework for m-governance in India."

Electronic, mobile fuels FNB growth
"FirstRand has reported its financial results for the year ended June 2013, noting 20% growth in normalised earnings to R15.3 billion, up from R12.7 billion in 2012. FirstRand’s main retail and commercial division, FNB, contributed the largest portion to the group’s earnings, reporting a 22% rise in normalised earnings to R8.16 billion, up from R6.67 billion in 2012. FirstRand’s other divisions – Rand Merchant Bank and WesBank – reported a 21% and 10% jump in earnings, respectively."

Top Image Systems Recognized as a "Sample Vendor" in Gartner Hype Cycle for Digital Banking 2013 
"Top Image Systems Ltd. TISA, a leading ECM (Enterprise Content Management) and BPM (Business Process Management) and mobile image processing solutions provider,announces that the Company was included as a sample vendor in the Mobile Commercial Remote Deposit Capture and Mobile Consumer Remote deposit categories listed in the "Hype Cycle for Digital Banking, 2013" by Alistair Newton published on July 31, 2013 by Gartner, Inc.. Top Image Systems develops and markets a broad portfolio of mobile content processing solutions, including MobiCHECK for mobile remote deposit capture, MobiPAY for bill payment via mobile devices and the MobiFLOW platform for capture, recognition and processing of structured and unstructured data in files of virtually any size and format. Top Image Systems' mobile content processing solutions are fully integrated with its industry-leading eFLOW(R) multichannel intelligent content capture, workflow and delivery platform."

Retailers to accept 'mobile' payments next year
"Shoppers will next year be able to use their mobile phone to pay in just 12 seconds at stores such as WH Smith, Lidl, Superdrug and McDonald's, The Telegraph can disclose. A major deal has been struck to allow thousands of retailers across Britain to support Zapp, a new mobile phone payment app backed by Britain’s biggest banks."

Banking on the move
"Mobile banking is a bridge that can connect unbanked and underbanked segments to a plethora of financial services. Research indicates that half the world is underbanked and uses informal channels to access financial services, whether it be saving or borrowing money or sending money home. In addition, a lack of formal tools and services drives the underbanked to carry and use physical cash to conduct all financial transactions. Contrary to conventional wisdom, ‘unbanked’ does not necessarily mean that they lack financial access. This is especially true for the population at the bottom of the pyramid, who at times prefer to use informal channels despite having access to formal services."

Why mobile banking is more on paper and less on mobile
"'There is substantial potential for mobile based payments,' said Raghuram Rajan in his first speech after taking over as the Governor of the Reserve Bank of India. True, there’s surely potential for mobile-based payments in India. But the question is how long will it take for us to fully use that potential? 'There are a large number of registrations, but if you see the number of transactions are not corresponding to the number of registrations. It’s mostly the urban immigrant workers who use mobile payments/banking most,' a head of transaction banking with a PSU bank told Firstpost on the condition of anonymity."

Mobile Banking Updates - Sept 17

Are mobile banking apps secure?
"A recent experience with a credit card app has a Wake County man questioning if his account information is secure when using his cell phone. You can access these mobile banking apps on your smart phone and tablet. Justin Frechette wanted to check his Capital One credit card account, but instead he was able to see someone else's activity. 'Logged in made sure the payment I recently made posted to the account and that the account balance was zero,' Justin said. But he didn't see a zero balance. Instead, lots of charges that didn't belong to him."

BofA's Mobile User Gains Follow Xoom, Industry Shift
"Bank of America's (BAC) mobile user gains come amid an industry shift that is reducing the need for branches and ATMs and lifting mobile payment firms like Xoom Corp. (XOOM) and Western Union (WU). BofA saw its mobile users jump 28% to 13.2 million from the second quarter of 2012 to Q2 2013, according to a presentation Wednesday. Mobile transactions are up 4%. Meantime, the lender has reduced its banking centers by 5% to 5,328 nationwide, and direct-contact transactions have fallen 12%."

Hottest tech sector is all about money
"Finovate, the giant financial technology conference, blew into town yesterday, selling out the Manhattan Center on West 34th Street. Among the hottest trends this year were applications and products for banks, and—perhaps not surprisingly—fraud prevention systems. As more of the nation's banking system moves online, preventing fraud is an increasing concern for executives. 'All the thought leaders are here,' said Sunil Madhu, founder and CEO of Manhattan-based fraud prevention startup Socure, which sells its service to companies. Its service is aimed at allowing banks to verify consumers' identities."

Yalamanchili ships white-label mobile wallet app for banks
"Global payments solutions provider, Yalamanchili, has launched a white label mobile wallet application for global banking and financial institutions operating on its next generation payments platform. The wallet provides Yalamanchili's clients with a comprehensive and fully customisable mobile banking facility capable of supporting international money transfers, the management of multiple card accounts and a variety of mobile value added services, rewards and location based offers."

SIMPLE WILL START GRANTING VENMO USERS EARLY ACCESS TO ITS MOBILE BANKING APP
"Venmo, the popular payments app that lets friends pay each other via mobile for free, is offering its users early access to Simple, the mobile banking app that offers the same amenities big banks do, like checking accounts and debit cards, but without the traps of hidden fees and high interest rates. Simple and Venmo previously partnered in July, when Simple became the first banking service to offer its customers Venmo Touch, which allows you to make payments in third-party apps with a single tap."

Mobile banking expert Wolman to speak at ISU
"David Wolman, a contributing editor for Wired.com and author of "The End of Money," will speak about the impact of going cashless at a free lecture Sept. 19 at Iowa State University."

Mobile Banking Security - Sept 11

Jeff Salway: Banking bandwagon not such a safe ride
"I WAS recently accused by a friend – a self-confessed geek – of being scared of new technology; I prefer to believe I’m just too cynical to jump on the latest high-tech bandwagon. That includes mobile banking, which is one bandwagon the banks would very much like us all to leap on to, and in this case my cynicism may be more than justified. Mobile banking refers to the use of mobile phones and other handheld devices, such as tablets, to make payments, transfer money, check statements and so on. The UK is lagging behind in this area, but our banks are eager to catch up and are ploughing millions into mobile banking development."

Banker beware: SIM swapping con targets mobile accounts
"It's amazing in its own way — despite constant warnings from their financial institutions to never, ever provide sensitive information by phone or email, customers continue to do just that. That dynamic, whether caused by gullibility or laziness, has only helped scammers, who've been perfecting their craft since time immemorial. One of the latest cons is SIM swapping, which is the second phase of a phishing scam. Though not as profitable as large-scale hacking and skimming, it appeals to criminal gangs looking for a low-cost, low-risk, high-reward, EMV-circumventing racket."

USERNAME AND PASSWORD AUTHENTICATION BORDERS ON NEGLIGENCE IN MOBILE BANKING
"Earlier this week the Financial Conduct Authority announced that it will be publishing a full report in to mobile banking early next year, by revealing its initial findings and the potential risks to consumers concerning fraud, cybercrime and user error. In an article published by the BBC, the Director of Supervision at the FCA, Clive Adamson, states that: 'With the market growing, now is the right time for us to take stock and, as part of the FCA’s forward looking approach, to ensure that consumers are appropriately protected.'”

New 'Hesperbot' bank Trojan targets mobile authentication systems
"Security firm ESET is warning of an ambitious new banking Trojan designed to beat the mobile multi-factor authentication systems rolled out to defeat an older generation of malware. Named Spy.Hesperbot after its discovery in Mid-August, the Trojan comes with the usual tricks such as keylogging, video capture and html injection but adds cleverness in the form of a remote control VNC server and a mobile app for Symbian, Blackberry or Android smartphones."

UK mobile payments held back by security and complexity
"With only one in five UK consumers using their mobile to make payments, new research suggests that the technology is being held back by consumer fears over security, lengthy sign-up processes and problems making payments outside of individual schemes. Mobile payments specialist firm Zapp carried out a survey of 2,000 UK consumers, and found that 17% of them had made a mobile payment. Of these, some 60% were limited to simple bank transfers between accounts, rather than paying for goods and services. Of those making payments, one in five said there are not enough people and places to make payments and 18% said it was difficult to pay people who don’t use the same mobile payment system."

Mobile Banking Security - Sept 2

Mobile banking risks revealed by FCA
"Fraud and mistakes on fiddly keypads could create problems for people who use banking services on their mobile phones, a regulator has said. Consumers transferring money should be careful to enter correct details on the smaller keypads, the Financial Conduct Authority (FCA) said. They might also be using mobile banking late at night, which could affect their concentration when moving funds. The FCA is studying the potential risks to customers of mobile banking."

Cyber criminals crack two-factor bank authentications
"Users who swear by online banking are in for a shock as the McAfee Threats Report: Second Quarter 2013 has divulged details about a banking malware that helps cyber criminals steal SMSes to get access to people’s accounts. The research also brings to light some entertainment and dating applications which are actually meant to carry out data theft. And a significant number of ransomware samples have also been found. As many as 3,20,000 of these were unearthed in the first two quarters of 2013."

Mobile Threat Monday: Nasty Adware And A Master Key Mystery
"This week, Mobile Threat Monday looks at two of the biggest concerns for Android right now: adware and the so-called Android master key. Both have grabbed lots of headlines on SecurityWatch and with good reason. Careful readers will recall that the Android master key is an exploit that allows a malware creator to spoof the digital certificate of a different Android app. The upshot is that an attacker could create a malicious Trojan app that mimics a legitimate app, and pass off the malware as the genuine article."

Warning on mobile banking fraud risk
"Mobile banking users have been urged to take greater care when downloading applications that allow them to access their accounts on the go. The City watchdog has launched a review into the fraud risks associated with mobile banking and payments as take-up of the technology grows."

McAfee has released data that shows that these are the largest concerns in the current wireless environment.
"According to a report that was just released by McAfee Labs, “backdoor” Trojans and banking malware, which steal information from a device without the awareness of the victim, were the greatest threats to smartphone and tablet users during the second quarter of 2013."

Mobile Trojan Defeats Dual Authentication
"A new cross-device mobile Trojan that already has targeted online-banking customers has been linked to the same group that waged the successful High Roller attacks last summer. So far, customers of several top-tier institutions in Northern Europe and a handful in the U.S. have been victimized. The attackers behind the malware are believed to be Russian."

Mobile Banking Security - Aug 29

Banking Malware Dominates New Mobile Security Threats: McAfee
"Banking malware and "backdoor" Trojans, which steal data from a computer without the victim realizing it, were the most popular mobile threats unleashed during the second quarter, according to a report released this week by McAfee Labs. The company found more than 17,000 new strains of malware targeting Android devices during the three-month period — a 35% growth rate, higher than any the company has seen since 2010. All told, McAfee now counts 147 million types of malware in its database."

Mobile Malware Rebounds and Keeps Growing, Report Says
"After decreasing slightly in the first three months of this year, mobile malware has rebounded, with 17,000 new Android malware species detected in the second quarter of 2013, according to a new report by security firm McAfee. This rise indicates that cyber criminals are focusing their efforts on infecting smartphones rather than computers, as people are using their phones more frequently — particularly for activities that were traditionally done with a computer, such as online banking."

Ransomware and Android become tastiest targets for cyber crooks
"Ransomware and banking-focused mobile malware are cyber criminals' new must-have items, according to security provider McAfee. McAfee reported seeing a marked spike in the number of ransomware and mobile banking attacks active in the wild in its Second Quarter Threat Report [PDF]. The McAfee report highlighted ransomware as the fastest-growing attack type, revealing that the number of computer-hijacking malware detected has more than doubled in the last four months."

Mobile Banking Now 20% Of All Online Financial Transactions
"iovation, stopping Internet fraud and identifying good online customers with the world's most comprehensive device reputation database, today announced that it and CEB TowerGroup will detail the unique security risks that accompany the rapid adoption of mobile banking in an upcoming webinar. Max Anhoury, iovation's Vice President of Global Sales, and Jason Malo, Research Director at CEB TowerGroup, will host the webinar entitled "Mobile Banking Security: Risks and Consequences" on Wednesday, August 21, 2013, at 10 a.m. Pacific Daylight Time."

IT security experts identify growing threat of fake mobile banking apps
"In its second quarterly threats report for 2013 (38-page / 2.61MB PDF), McAfee said that hackers are using "banking malware" that allows them to access text messages sent by banks to their customers that ask for extra security details to be entered before giving access to accounts. The malicious software sends hackers a copy of the text messages issued by the banks, it said."

Risks of Online Banking
"With just a quick snap of a picture or a few taps on you cell phone, you can transfer money, cash a check, and do practically all of your banking online. But you could be jeopardizing not only your banking and savings accounts, but your online security. If you think twice before accessing banking information on your cell phone, you're not alone. Even though smart phone use has sky rocketed over the years, the more mobile banking capabilities that are available to you has had a big down side. Having this technology right at your finger tips has made consumers more concerned about sharing their personal financial information over the phone."

International Mobile Banking Updates - Aug 13

Western Union Gets Into Nigeria's Mobile Money Game, Partnering With eTranzact
"Banking systems are changing rapidly in the digital age, and nowhere is this clearer than in Africa, where the vast majority of people save, spend and exchange money without using any formal banking institution. For them, mobile phones can be a lifeline. Most Africans own one, and at least 55 million people -- and counting -- use a system called mobile money to manage their finances. Customers can pay bills, transfer money and withdraw or deposit funds using only their cell phone."

Azerbaijan mobile wallet makes debut
"Azerbaijan card processing company AzeriCard has partnered with software firm OpenWay to create a mobile wallet that helps Azerbaijanis to withdraw cash from ATMs using a mobile phone and transfer money without using a bank card. The service uses Way4 Cash By Code technology to generate a code on the mobile which can then be used by the customer to withdraw cash. AzeriCard says that 14 partner banks are using the service. The Cash by Code option was added to the menu of 1,300 ATMs in Azerbaijan, and works on iPhone, Android and BlackBerry smartphones as well as Java-enabled feature phones. AzeriCard supports MasterCard, Visa and American Express."

Study: Fiserv looks at mobile and tablet banking trends
"Consumers are increasingly banking through mobile and tablet devices, but this is only the tip of the iceberg when it comes to changes in how consumers use these channels, according to Daniel Steere, director of product management for mobile payments at Fiserv. To illustrate the trend, Steere rounded up some of the most compelling mobile and tablet statistics from the 2012 Fiserv Consumer Trends Survey."

Mobile banking fraud
"A number of recent news reports have chronicled the use of mobile money transfer services by miscreants to carry out extortionist activities. Fraudulent activities, in whatever form or shape, are bad. At the same time, we need to take things into perspective. Not doing so may result in raising an alarm in people’s minds. That would be harmful for any product or service, but especially for a service that has the potential for broader socio-economic benefits while it is in the infant stage of development."

Uganda: Banks Stretch Hours As Mobile Competition Bites
"You have an emergency late in the night. Your bank is miles away from your residence, so you can't access any money. Ah, someone offers to send you money through mobile money and you get it right away, because there are telecom shops scattered all over the suburbs and operating 24/7. 'They (banks) either have to work 24 hours or they will run out of business,' says a source in one of the telecoms."

Zain Group to offer eServGlobal mobile money solution
"Kuwaiti telecoms group Zain has entered into a partnership with Paris-based software vendor eServGlobal to provide its customers across Africa and the Middle East with end-to-end mobile money transfer services. According to a press release, the solution encompasses a complete mobile money platform, and will enable Zain Group subsidiaries to offer services such as electronic top-ups , mobile banking, online payments, salary disbursements, money transfers, micro-financing, airtime top-ups and bill payments."

We Will Focus on Smart Mobile Banking: Preeti Malhotra
"Technology will be the differentiator for us and we will focus on smart mobile banking. It is the most cost-effective solution. The cost of one physical transaction is Rs 40-60, and through a mobile is Rs 1-1.5. An ATM transaction costs Rs 15-20. Of our six lakh villages, only 5 percent are covered by commercial bank branches. Forty-six per cent of the population is still unbanked. At the same time, almost everyone has mobile phones. They access the internet through the mobile phone."

India banks explore voice biometrics for added security
"For banks in India, voice authentication is increasingly an important part of their implmemenation of biometric security features such as fingerprint or iris recognition. Introducing voice biometrics would further prevent fraudulent use when using telephone banking."

Mobile Banking Updates - Aug 1

What Are the Best and Worst Mobile Banking Apps?
"There’s something perversely satisfying about depositing a check in bed. While in a recumbent position, I’ve been known to whip out my iPhone, launch my bank’s app, snap a photo of the check’s back and front, type in the amount, and boom. My money wings its way into my account while I return to reading Entertainment Weekly on my iPad. Alas, not all mobile banking apps make it that easy. And a new report from Xtreme Labs, entitled the “U.S. Banking Apps Report: Customer Reviews,” shows that some banks are doing are a better job than others with their mobile apps."

FFIEC may be prepping guidance for mobile banking
"The word going around is that the Federal Financial Institutions Examination Council could introduce guidelines on mobile banking security within the next 12 months. But while that particular aspect of mobile payments may be in the regulatory eye, experts do not expect strictures to be more broadly applied."

Mobile Banking Trends: Find Out What is Hot and How to Stay Protected
"The security precautions for smartphone and tablet banking are the same as those for your PC. Smartphones are not inherently more risky, except for one important thing: It’s a heck of a lot easier to lose a phone than a computer. The likeliest way for a hacker to access your bank account information is if they have your phone in their hands. To guard against this, always maintain a password protected system, and if you have to, use security software to wipe the phone clean so valuable data can’t be stolen."

Is Technology Making an Impact in the Banking Industry?
"With TV, music and shopping available with the merest swipe of a screen, it's vital that the banking industry adapts to meet the needs of tech-savvy customers. Considering the focus on the banking industry of late, and the much-talked-about state of the economy, the banking industry's ability to adapt to changing technology could be vital to its recovery from the economic downturn."

More from F.N.B.: mobile banking update
"Earlier this month, I wrote about how F.N.B. Corp.’s online banking tools played into its acquisition strategy. F.N.B. (NYSE:FNB) upgraded its offerings late last year, adding bill payment and remote deposits to its mobile-banking capabilities. Executives talked strategy but were holding off on numbers: I figure CEO Vince Delie might give a progress report during the second-quarter earnings call Wednesday and I was right."

Anywhere/Anytime Access to Online Banking Solutions Driving Increased Uptake of Mobile Platforms, Says ABI Research
"ABI Research forecasts that cumulative online ID and authentication shipments into the banking market vertical will total 1.6 billion in 2018; an increase of 945% when compared to 2012. Cumulative shipments include secure USB tokens, standalone OTP generators, portable smart card readers, and mobile device software applications. Of the 2018 shipment total ABI Research forecasts that mobile software applications will account for 81% of the total 2018, which only accounted for a mere 22% in 2012."

Founders Federal Credit Union Enhances Online, Mobile Banking with Fiserv Solutions
"Fiserv, Inc. (FISV), a leading global provider of financial services technology solutions, today announced that Founders Federal Credit Union (Founders), a $1.6 billion credit union headquartered in Lancaster, S.C., has expanded its relationship with Fiserv in order to enhance its members' digital banking experience. Founders has deployed Corillian Online and Mobiliti from Fiserv to deliver feature-rich online, mobile and tablet banking services."

Mobile Banking Updates - July 31

M and T has issued 10 million alerts to customers
"It’s pretty clear: M and T Bank customers want to keep close tabs on their accounts. Last September, the Buffalo bank introduced a dozen customizable account alerts for customers using the M&T mobile banking app. Less than 12 months later, the bank has issued 10 million-plus such alerts via text messages, emails and push notifications, according to an announcement today."

Banks Must Enter Businesses (Seemingly) Unrelated to Banking
"The startup scene offers a glimpse into what the future of banking services will look like (or at least a good chunk of it). The bank of the future will be more personal and tailor-made. Banks today find themselves stuck with legacy technology systems for the simple reason that it's so cumbersome to switch from one provider to another. But banks cannot assume their customers will always suffer from such inertia."

Report: Phone SIMs Are Hackable
"Many phone SIM cards can be hacked to reveal users’ physical location and — in some cases — their mobile banking information, a German security researcher has found. SIMs are the small, removable plastic cards maintain a person’s mobile identity, such as their phone number and which network to which they subscribe. At least 500 million of them, or about one-eighth of worldwide mobile phone users, are also hackable, said Karsten Nohl, founder of the Berlin-based Security Research Labs."

Improvements to Online Bank and Banking App Give Customers Even More Control
"Nationwide customers now have even more control over how they manage their money following a raft of improvements to the Society's digital banking services; its online bank and mobile banking app. The changes come as Nationwide is named "Best Online Banking Provider" and "Best Overall Online Provider" in the Your Money Direct Awards 2013."

Bluepoint Solutions Whitepaper “The Future of Mobile Banking” Explores the Evolution of the Mobile Channel
"Bluepoint Solutions today announced the availability of a new whitepaper entitled, "The Future of Mobile Banking." The paper reflects the drastic growth that has occurred in the mobile channel in the last several years and provides financial institutions with useful information to craft an effective mobile strategy."

'Technology Champions' Tout Digital Services at Mountain America
"At the $3.5 billion Mountain America Credit Union, it’s a snap for members to tap into technology, thanks to 78 specially trained employees that answer questions, give demonstrations and provide hands-on assistance. To promote new products and services such as P2P and mobile deposits, the 419,000-member Utah credit union has staffed each of its 76 branches, along with its service center and education department, with a designated 'technology champion.'"

Mobile Banking Security - July 24

Easy Solutions Helps Fight Mobile Banking Fraud with Detect Safe Browsing (DSB) 4.0, Now Available for iPhone and Android
"Easy Solutions, the Total Fraud Protection(R) company, today released Detect Safe Browsing (DSB) version 4.0. With DSB 4.0, financial institution can provide an important additional layer of fraud prevention to the end-user, to better protect against malware and other sophisticated threats such as, pharming, man-in-the-middle (MITM) and man-in-the browser (MITB) attacks. With DSB 4.0, Easy Solutions now extends this support to the two most popular mobile platforms: Android and iOS, ensuring that over 90%(1) of mobile users can securely access their mobile banking accounts."

Threat of the Week: Time to Disconnect Android Phones?
"The news could not get worse. A week ago security firm BlueBox announced it had found a “master key” vulnerability – affecting 99% of Android phones – that theoretically would enable a cybercriminal to transform just about any app into malware. On its face, that says almost all Android phones are ticking time bombs and so the rumbling has started that just maybe credit unions and other financial institutions should politely but firmly advise their members to take their Androids elsewhere."

Banks Work Against Fraud Issues with Mobile Check Deposit
"The mobile banking feature that allows customers to deposit checks using their smartphones is now available at many banks and credit unions. Several readers have commented about the potential of fraud and abuse with this service. For example, how will banks prevent scammers from depositing a check into multiple accounts? This American Banker article, Mobile Check Deposit Boom Brings Risks, has an interesting review of the issue."

Banking Criminals Zero in on Cellphones
"Plain facts: more of us are doing a lot more reading of email, surfing of web pages and clicking on text messages on smartphones than ever before - duh. Obvious of course. What is not so obvious is that cybercriminals are connecting the dots, and they are zeroing in on the heightened vulnerabilities that come with reading on a small screen that can be downright peculiar in how legibly it shows text in lighting that is less than perfect."

Mobile Banking Security - July 16

New Report: Consumers Say Security No. 1 Concern in Mobile Banking
"Security fears are the no. 1 barrier banks must face when introducing mobile banking to customers, according to a recent survey conducted by Monitise, which found that 70% of the respondents viewed security as a major concern in mobile banking. The survey also found that 71% of respondents ranked security as “highly important” in choosing or switching banks. Roughly 90% of users say they enter a user name and password to access mobile banking apps. Approximately half prefer to combine user name/password with knowledge-based answers and visual keys. And 68% indicated biometric features are important to them, while 35% say they are willing to pay extra for those features."

Fake CommBank Android security app targets mobile customers
"Online criminals are peddling a new mobile banking scam designed to bypass the Commonwealth Bank’s SMS authentication process for online transactions, by intercepting text messages and hijacking verification codes. Russian forensics firm Group-IB has uncovered the mobile banking trojan “hardcore88” being sold on Russian-language underground forums for Android devices. The trojan poses as a security app from CommBank, and is designed to block calls from the victim’s bank and capture incoming SMS messages that would otherwise carry the one-time verification passcode required to complete an online transaction."

Mobile Check Deposit Boom Brings Risks
"Mobile check deposit, once a low priority technology for banks, has become one of the most sought out mobile banking app features. But along with popularity and increased use, the potential for fraud is emerging for smartphone check deposits. A recent report from ath Power Consulting identifies remote deposit capture as mobile banking users' most desired app feature."

New Breed of Software Detects Malware from a Distance
"The biggest security threat banks face — malware that pervades their online and mobile banking users' devices — is being met by an increasingly sophisticated class of software called clientless malware detection. Mobile malware increased more than 600% in the past year, according to a recent survey from Juniper Networks — the number of malicious mobile apps has grown to 276,000."

Better Business Bureau: Mobile banking requires safeguards
"I listened intently as my wife worked her cellphone, punching in numbers, speaking to an automated answering system and entering verification codes. 'Make a payment,' she said in a loud, monotone voice. She completed her transaction, and I interjected: 'I thought you said you'd never use your cellphone to do your banking.' Her reply? 'Everything is getting safer in banking with mobile devices. Why not?'"

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."

Mobile Banking Updates - June 27

Is Mobile Banking Safe? "
Arxan CEO Mike Dager on the emerging threat to mobile devices and banking apps."

The Rise of Mobile Technology in Higher Ed
"Between the ever-expanding popularity of tablets and the continued rise of smartphone ownership, all evidence points to an unabated focus on the adoption of new mobile devices and innovative technologies. According to a study by the Online Publishers Association, smartphone owners have increased by 44 percent between 2011 and 2012 and that figure is expected to increase to 57 percent during 2013. As mobile device adoption has increased, so, too, have the number of new applications. From mobile banking to real-time entertainment, there's seemingly no end to what Americans have come to expect from their mobile lifestyles. And, higher education is a market where mobile technology is playing an especially prominent role."

M-commerce transactions to reach $3.2 trillion by 2017, says Juniper
"Mobile commerce transactions are forecast to exceed $3.2 trillion by 2017, up from $1.5 trillion this year, according to the latest research from Juniper Research. This projected increase will be fueled by mobile banking, which will account for the "lion's share" of transaction value over the next five years, the research firm estimated."

Survey: Rising Willingness to Pay for Enhanced Mobile Banking
"New research from Boston-based financial services consulting firm ath Power underlines the immense popularity with consumers of mobile remote deposit capture ('the most sought after mobile banking feature,' said ath Power executive Michael McEvoy) and it also claims that there is rising consumer readiness to pay fees for mobile banking. In last year’s ath Power survey, 81% of respondents said they would not pay for mobile banking. This year, said McEvoy, that number dropped to 68%. That means about one in three say they might pay for the service, stressed McEvoy."

Grappling with the mobile money conundrum
"There is little doubt that mobile banking, mobile commerce, mobile money — pretty much any financial service preceded by the word "mobile" — are generating an outsized amount of hype. But all that hype is not reason to discount the very real impact that mobilized financial services are going to have on banking. A new publication called "Mobile Banking: Financial Services Meet the Electronic Wallet," sums it up the state of the industry succinctly:"

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."