Android won't be the only one under attack, but iOS, Windows Phone, and BlackBerry, too. Trend Micro estimated that malicious Android apps will reach 3 million in 2014." Continue Reading
Showing posts with label Android. Show all posts
Showing posts with label Android. Show all posts
Wednesday, January 8, 2014
Predictions: Android Ransomware, Mobile Banking Fraud
Android won't be the only one under attack, but iOS, Windows Phone, and BlackBerry, too. Trend Micro estimated that malicious Android apps will reach 3 million in 2014." Continue Reading
Sunday, November 17, 2013
Mobile malware on the rise in Q3, 97% targets Android
"As Android continues to rise in popularity, so do, unfortunately, some of the seedier elements that are invariable associated with emerging software technologies. The latest Mobile Threat Report from F-Secure shows some startling statistics, especially when it comes to Android.
In Q3 2013, some 259 total mobile threat families and variants have been detected across the popular mobile OS's, with a shocking 252 of them being found on Android. The remaining 7 are found on Nokia's aging Symbian OS, while equally as shocking, no threats have been reported for iOS, BlackBerry, or Windows Phone." Continue Reading
In Q3 2013, some 259 total mobile threat families and variants have been detected across the popular mobile OS's, with a shocking 252 of them being found on Android. The remaining 7 are found on Nokia's aging Symbian OS, while equally as shocking, no threats have been reported for iOS, BlackBerry, or Windows Phone." Continue Reading
Wednesday, November 6, 2013
Does IBM's 2-Factor have the X Factor for Mobile Banking?
"I'm a big fan – and former employee – of Big Blue. So it's always good to see the innovations that continue to emerge out of the IBM Labs. In their latest offering, reported by Finextra last week (http://www.finextra.com/News/FullStory.aspx?newsitemid=25338), IBM has employed NFC technology to deliver a simple customer identification and verification process for mobile banking.
They have done this by using contactless cards and Android 4.0 phones. In effect, mobile phones begin to operate a little like ATMs. The user enters their PIN into the phone and then presents their card to identify themselves. They then present their card again to authenticate. It is a nice way to try and make logging into mobile banking and authenticating transactions easier – and more intuitive." Continue Reading
They have done this by using contactless cards and Android 4.0 phones. In effect, mobile phones begin to operate a little like ATMs. The user enters their PIN into the phone and then presents their card to identify themselves. They then present their card again to authenticate. It is a nice way to try and make logging into mobile banking and authenticating transactions easier – and more intuitive." Continue Reading
Monday, October 28, 2013
TD launches tablet banking app for Android
"TD Canada Trust announced today the launch of its new Android tablet app, offering customers an easy and interactive way to manage personal banking and direct investing needs within one app.
'We've already had great success with our existing apps, and are very excited to be launching our Android tablet app which offers our customers seamless access between their personal banking and wealth accounts - all with a single login, in a safe and secure environment,' said Rizwan Khalfan, Senior Vice President, Digital Channels, TD. 'We know our customers are increasingly looking to us to make banking easy and more convenient. Our Android app does just that, giving customers the ability to bank and trade using their tablet.'" Continue Reading
'We've already had great success with our existing apps, and are very excited to be launching our Android tablet app which offers our customers seamless access between their personal banking and wealth accounts - all with a single login, in a safe and secure environment,' said Rizwan Khalfan, Senior Vice President, Digital Channels, TD. 'We know our customers are increasingly looking to us to make banking easy and more convenient. Our Android app does just that, giving customers the ability to bank and trade using their tablet.'" Continue Reading
Thursday, October 17, 2013
Mobile Malware Hits the 1M Mark
"Android-based mobile malware and high-risk apps have reached the one million mark, according to a study from Trend Micro.
At the end of the second quarter of 2013, the firm found there to be 700 thousand malicious and risky apps in the wild, leading it to predict that Android malware would reach the dubious one million milestone by the end of the year. But that day has arrived one quarter early." Continue Reading
Tuesday, October 1, 2013
A short overview of Android banking malware
"As more and more people use their mobile phones to do their online banking, money transfers, and so on, cyber crooks wielding banking malware are increasingly turning to targeting mobile users.
'Banking Trojans on mobile were largely successful targeting older generation operating systems like J2ME and Blackberry, but haven’t made the headway they’d probably like to on Android and iOS,' says Malwarebytes' Armando Orozco." Continue Reading
'Banking Trojans on mobile were largely successful targeting older generation operating systems like J2ME and Blackberry, but haven’t made the headway they’d probably like to on Android and iOS,' says Malwarebytes' Armando Orozco." Continue Reading
Monday, September 30, 2013
Tap NAB’s app and bump to transfer funds
"National Australia Bank has become the latest bank to take on peer-to-peer payments, with a new mobile app that will allow its customers to transfer money using a mobile number, email or Facebook message.
After more than six months of internal trials, NAB will this week release Flik, letting customers bypass the convoluted process of entering bank-state-branch (BSB) and account numbers to transfer money.
Instead, customers can transfer money using an email address, SMS message, or through Facebook. It also allows customers with compatible Android smartphones to bump phones together using near-field communications technology." Continue Reading
Instead, customers can transfer money using an email address, SMS message, or through Facebook. It also allows customers with compatible Android smartphones to bump phones together using near-field communications technology." Continue Reading
Monday, September 2, 2013
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."
"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."
Thursday, August 29, 2013
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."
"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."
Wednesday, July 24, 2013
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."
"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."
Wednesday, May 22, 2013
Mobile Banking Updates - May 22
Android's Mobile Dominance Fails to Simplify Bank App Development
"Google's Android mobile operating system has grown its market share lead, according to new data from Gartner. Indeed, the research firm says the platform accounts for 74.4% of smartphone units sold worldwide during the first quarter of 2013. Furthermore, Gartner found there are almost 50% more Android smartphones in the market than a year ago."
Chase Tops Keynote's Mobile Banking Ranking a Third Time
"JPMorgan Chase has yet again won a ranking of mobile banking apps. In this one, Keynote's semiannual mobile banking scorecard, Chase came in first for the third time in a row. Wells Fargo came in second and Bank of America third. In late April, Forrester dubbed Chase the best in mobile banking out of 15 large multinational banks, for the second time in a row. What does Chase do right to get the top nod so often?"
Banking Up Launches at FinovateSpring, Lets Any Business Offer Customers a Trusted Alternative to Traditional Banking
"Banking Up launches at FinovateSpring today a first-of-its-kind personal finance platform that lets banks and businesses provide customers with a smart, mobile alternative to traditional checking accounts. Along with the launch, Plastyc Inc., which developed Banking Up, announced that it is now doing business as Banking Up. Over 24 million households have poor access to mainstream banking, and 91 percent have mobile phones and smartphones, according to the FDIC. Banking Up gives banks and businesses a scalable way to provide customers in their local communities with an affordable, high-quality banking option."
Green Dot Sets July 4th Launch Of GoBank
"Green Dot, the provider of prepaid debit cards and other financial products, is looking to launch its big move into the mobile banking market on July 4th, the company said Tuesday afternoon. According to Green Dot, it plans to launch its service, GoBank, on Independence Day on iPhone, Android, and online--and also will be making a big, national push to market the service."
Is electronic banking killing the bank branch? PNC pares branches citing customers' online trends "Another bank branch bites the dust. Three and counting among PNC Financial’s branches in Central Pennsylvania. Another ten PNC branches in Western Pennsylvania. And more to come, as banks evaluate their networks and analyze mobile banking and ATM trends. For so long, it seemed a bank branch was opening on every corner. That era might be coming to an end."
"Google's Android mobile operating system has grown its market share lead, according to new data from Gartner. Indeed, the research firm says the platform accounts for 74.4% of smartphone units sold worldwide during the first quarter of 2013. Furthermore, Gartner found there are almost 50% more Android smartphones in the market than a year ago."
Chase Tops Keynote's Mobile Banking Ranking a Third Time
"JPMorgan Chase has yet again won a ranking of mobile banking apps. In this one, Keynote's semiannual mobile banking scorecard, Chase came in first for the third time in a row. Wells Fargo came in second and Bank of America third. In late April, Forrester dubbed Chase the best in mobile banking out of 15 large multinational banks, for the second time in a row. What does Chase do right to get the top nod so often?"
Banking Up Launches at FinovateSpring, Lets Any Business Offer Customers a Trusted Alternative to Traditional Banking
"Banking Up launches at FinovateSpring today a first-of-its-kind personal finance platform that lets banks and businesses provide customers with a smart, mobile alternative to traditional checking accounts. Along with the launch, Plastyc Inc., which developed Banking Up, announced that it is now doing business as Banking Up. Over 24 million households have poor access to mainstream banking, and 91 percent have mobile phones and smartphones, according to the FDIC. Banking Up gives banks and businesses a scalable way to provide customers in their local communities with an affordable, high-quality banking option."
Green Dot Sets July 4th Launch Of GoBank
"Green Dot, the provider of prepaid debit cards and other financial products, is looking to launch its big move into the mobile banking market on July 4th, the company said Tuesday afternoon. According to Green Dot, it plans to launch its service, GoBank, on Independence Day on iPhone, Android, and online--and also will be making a big, national push to market the service."
Is electronic banking killing the bank branch? PNC pares branches citing customers' online trends "Another bank branch bites the dust. Three and counting among PNC Financial’s branches in Central Pennsylvania. Another ten PNC branches in Western Pennsylvania. And more to come, as banks evaluate their networks and analyze mobile banking and ATM trends. For so long, it seemed a bank branch was opening on every corner. That era might be coming to an end."
Tuesday, March 5, 2013
Mobile Banking Security - Mar 5
How Risky Is Mobile Banking? Depends on Customer Behavior
"Smartphone technology, thanks to consumer demand, is poised to become the most significant technology disrupter since the Internet and will forever change how banks serve their customers. Smartphones appeal to bank executives because of their labor-saving potential and because they provide another point of competitive distinction as banks race to create innovative handheld applications."
Consumers Yet To Trust Mobile Banking and Alternative Payments, Study Finds
"Despite being around for several years now, mobile banking still has yet to earn the kind of trust that consumers put in online banking and ATM’s, new research from BT Global Services, an IT consulting and outsourcing firm, suggests. The firm released the results of a recent global survey of 1,000 consumers today, and the findings show that consumers still trust ATM’s, self-service kiosks and online banking far more than they trust mobile banking services. Among the U.S. consumers questioned in the survey only 13% said that they would trust mobile banking more than they would these other technologies, although that percentage was higher than in some European countries like Germany (5%) and Britain (10%)."
Android mobile banking exposure to risk concerns
"Don’t move your wallet onto your phone yet: Mobile banking on Android phones could put consumers at risk of fraud and cost banks millions a year global IT security firm MWR InfoSecurity has warned on the final day of the Mobile World Congress held in Barcelona. MWR Labs, the research arm of MWR InfoSecurity, investigated the security standards of leading Android mobile phone brands to determine the overall exposure to risk of consumers who use mobile devices phones for online banking. Recent research has shown that Android is now the leading phone platform with over 50% market share, driving the development of mobile banking apps for the Android Environment."
"Smartphone technology, thanks to consumer demand, is poised to become the most significant technology disrupter since the Internet and will forever change how banks serve their customers. Smartphones appeal to bank executives because of their labor-saving potential and because they provide another point of competitive distinction as banks race to create innovative handheld applications."
Consumers Yet To Trust Mobile Banking and Alternative Payments, Study Finds
"Despite being around for several years now, mobile banking still has yet to earn the kind of trust that consumers put in online banking and ATM’s, new research from BT Global Services, an IT consulting and outsourcing firm, suggests. The firm released the results of a recent global survey of 1,000 consumers today, and the findings show that consumers still trust ATM’s, self-service kiosks and online banking far more than they trust mobile banking services. Among the U.S. consumers questioned in the survey only 13% said that they would trust mobile banking more than they would these other technologies, although that percentage was higher than in some European countries like Germany (5%) and Britain (10%)."
Android mobile banking exposure to risk concerns
"Don’t move your wallet onto your phone yet: Mobile banking on Android phones could put consumers at risk of fraud and cost banks millions a year global IT security firm MWR InfoSecurity has warned on the final day of the Mobile World Congress held in Barcelona. MWR Labs, the research arm of MWR InfoSecurity, investigated the security standards of leading Android mobile phone brands to determine the overall exposure to risk of consumers who use mobile devices phones for online banking. Recent research has shown that Android is now the leading phone platform with over 50% market share, driving the development of mobile banking apps for the Android Environment."
Sunday, December 2, 2012
Mobile Banking Updates - Dec 2
Banks Cling to iPhone as Consumers Take to Android
"Steve Jobs would be pleased. The thing that strikes you most when looking at Javelin's latest research on mobile banking and talking to its author, Mary Monahan, is the devotion banks still have to Apple's iPhone, even as Android devices lead in consumer market share, as they did last year. According to Javelin Strategy & Research's latest consumer survey (the group polled 3,000 consumers this quarter), Google's Android smartphones and tablets now claim 48% of the U.S mobile market, up from 34% last year. Apple's mobile device market share is 32% this year, up from 27% last year. (RIM dropped from 25% last year to 12% this year; Windows Mobile dropped from 13% to 8%.)"
Wells Fargo Expands Mobile Deposit Service Nationwide, Increasing Anytime, Anywhere Banking Convenience for Customers
"In a move to deliver innovation and added convenience in the rapidly growing mobile banking space, Wells Fargo & Company (NYSE:WFC) today announced the nationwide expansion of Wells Fargo Mobile® Deposit. Using an Android or iPhone device, customers across the nation can easily deposit checks into their eligible Wells Fargo accounts by taking pictures of the front and back of the check."
Spike Mobile Deposit Adoption Rates With Free $5 Demo Checks
"Old habits die hard. If you want people to try a new technology like mobile remote deposits, it may take cash bribes. Numerica Credit Union paid members $5 each to do just that. To teach people how easy it is to deposit checks using a smart phone, the credit union gave $5 checks away to those participating in live demonstrations."
How often do US expats use their mobile or smartphone for mobile banking?
"The world of the Internet and the world of mobile/smartphones are intrinsically linked and when you bear in mind the number of people who have access to a mobile phone on a constant basis this is perhaps the most powerful communication tool we have ever seen. As a consequence, many of the everyday services which are used to have now been transferred to the mobile Internet arena but is mobile banking as easy to transfer as general Internet use?"
"Steve Jobs would be pleased. The thing that strikes you most when looking at Javelin's latest research on mobile banking and talking to its author, Mary Monahan, is the devotion banks still have to Apple's iPhone, even as Android devices lead in consumer market share, as they did last year. According to Javelin Strategy & Research's latest consumer survey (the group polled 3,000 consumers this quarter), Google's Android smartphones and tablets now claim 48% of the U.S mobile market, up from 34% last year. Apple's mobile device market share is 32% this year, up from 27% last year. (RIM dropped from 25% last year to 12% this year; Windows Mobile dropped from 13% to 8%.)"
Wells Fargo Expands Mobile Deposit Service Nationwide, Increasing Anytime, Anywhere Banking Convenience for Customers
"In a move to deliver innovation and added convenience in the rapidly growing mobile banking space, Wells Fargo & Company (NYSE:WFC) today announced the nationwide expansion of Wells Fargo Mobile® Deposit. Using an Android or iPhone device, customers across the nation can easily deposit checks into their eligible Wells Fargo accounts by taking pictures of the front and back of the check."
Spike Mobile Deposit Adoption Rates With Free $5 Demo Checks
"Old habits die hard. If you want people to try a new technology like mobile remote deposits, it may take cash bribes. Numerica Credit Union paid members $5 each to do just that. To teach people how easy it is to deposit checks using a smart phone, the credit union gave $5 checks away to those participating in live demonstrations."
How often do US expats use their mobile or smartphone for mobile banking?
"The world of the Internet and the world of mobile/smartphones are intrinsically linked and when you bear in mind the number of people who have access to a mobile phone on a constant basis this is perhaps the most powerful communication tool we have ever seen. As a consequence, many of the everyday services which are used to have now been transferred to the mobile Internet arena but is mobile banking as easy to transfer as general Internet use?"
Tuesday, March 20, 2012
Mobile Banking Security - Mar 20
Android malware steals bank credentials – Is mobile banking safe?
"Mobile banking has been steadily gaining popularity, as more and more consumers get access to smartphones with internet capabilities. Today, almost every major financial institution in the world provides their account holders with easy-to-use net and mobile banking systems. But, as with every other good thing out there, malicious intent is never far around the corner. Security concerns related to the use of mobile banking applications have been recently brought to the forefront. The latest Android malware found in the wild is proving to be one of the most dangerous."
Targeting Mobile Banking Risks
"What emerging security challenges will new mobile devices and platforms pose for banks and credit unions? Brian Pearce and Amy Johnson shed light on Wells Fargo's approach to unique retail and commercial risks. Johnson, who heads up strategy and execution for CEO Mobile, Wells Fargo's mobile service for commercial and corporate accounts, says managing mobile security has become increasingly fluid. Financial institutions must continually monitor new and evolving threats, and they must keep watchful eyes on new technology that should be applied to thwart those threats."
Mobile Banking is Great, But How’s the Security?
"Because juggling work and life can sometimes feel like you need to be at two different places at the same time, mobile banking makes it easier for on-the-go consumers to do their banking whenever and wherever they can. Most of the top-tier U.S. banking institutions know this, which is why they already offer mobile banking and payment options to their retail and commercial customers. And for those that don’t? They are working diligently to offer mobile services by the end of the year."
Adults Reluctant Adopt Mobile Banking and Payments
"A new survey reveals that while younger consumers are driving the growth of mobile banking and payments, most adults are not embracing the technology, Mobile Payments Today reports. Conducted in January by Auriemma Consulting, the survey found that while 43% of respondents under 45 had downloaded a mobile app from their financial institution within the previous year, only 22% of those over 45 had done so."
Mobile banking security bypassed in fiendish malware blag
"Cyber-crooks are blagging SIM cards that allow them to circumvent mobile-based banking security measures and swipe cash from punters' accounts. Security biz Trusteer has uncovered two elaborate techniques that will defeat out-of-band authentication mechanisms such as SMS-delivered one-time passwords (OTP) for online banking websites. These scams involve crooks getting their hands on duplicate SIM cards to execute fraudulent transactions."
"Mobile banking has been steadily gaining popularity, as more and more consumers get access to smartphones with internet capabilities. Today, almost every major financial institution in the world provides their account holders with easy-to-use net and mobile banking systems. But, as with every other good thing out there, malicious intent is never far around the corner. Security concerns related to the use of mobile banking applications have been recently brought to the forefront. The latest Android malware found in the wild is proving to be one of the most dangerous."
Targeting Mobile Banking Risks
"What emerging security challenges will new mobile devices and platforms pose for banks and credit unions? Brian Pearce and Amy Johnson shed light on Wells Fargo's approach to unique retail and commercial risks. Johnson, who heads up strategy and execution for CEO Mobile, Wells Fargo's mobile service for commercial and corporate accounts, says managing mobile security has become increasingly fluid. Financial institutions must continually monitor new and evolving threats, and they must keep watchful eyes on new technology that should be applied to thwart those threats."
Mobile Banking is Great, But How’s the Security?
"Because juggling work and life can sometimes feel like you need to be at two different places at the same time, mobile banking makes it easier for on-the-go consumers to do their banking whenever and wherever they can. Most of the top-tier U.S. banking institutions know this, which is why they already offer mobile banking and payment options to their retail and commercial customers. And for those that don’t? They are working diligently to offer mobile services by the end of the year."
Adults Reluctant Adopt Mobile Banking and Payments
"A new survey reveals that while younger consumers are driving the growth of mobile banking and payments, most adults are not embracing the technology, Mobile Payments Today reports. Conducted in January by Auriemma Consulting, the survey found that while 43% of respondents under 45 had downloaded a mobile app from their financial institution within the previous year, only 22% of those over 45 had done so."
Mobile banking security bypassed in fiendish malware blag
"Cyber-crooks are blagging SIM cards that allow them to circumvent mobile-based banking security measures and swipe cash from punters' accounts. Security biz Trusteer has uncovered two elaborate techniques that will defeat out-of-band authentication mechanisms such as SMS-delivered one-time passwords (OTP) for online banking websites. These scams involve crooks getting their hands on duplicate SIM cards to execute fraudulent transactions."
Thursday, December 8, 2011
Mobile Banking Updates - Dec 8
Fifth Third boosts mobile banking with smartphone apps, texting
"There is now an app for Fifth Third Bank’s mobile services. Fifth Third has launched a banking app for use with Apple products such as iPhones and app launchers for Android and BlackBerry smartphones. The downtown-based bank also announced Thursday it is adding text banking. That allows customers to make transfers and get their account information by sending a text message to Fifth Third."
Android exploits new mobile banking enemy
"With Google Inc.'s Android mobile operating system increasingly finding itself in the sights of malicious software, Canadian banks are facing a new enemy on the mobile frontier.
Reports of Android malware have increased sharply in recent months, with Juniper Networks reporting that as many as 55 per cent of Android applications are not what they seem. It’s a disturbing trend, but financial information is not being targeted in significant way, say banks and industry experts. At least, not yet."
Mobile Banking - It's more than just another channel
"I was in a meeting recently discussing the mobile aspirations of a client. Beyond their initial foray into the mobile space, offering an iPhone app that can do just a little bit less than their current internet offering, my client had not spent much time thinking about mobile. If anything, mobile was something that they felt compelled to get into due to market pressures from competitors who have launched their mobile applications to much fan fair. They consistently referred to mobile in the context of all their other channels and spoke about it as if mobile's sole utility was in replicating previously available transactional processes already available via some of their other channels."
MAKING SENSE OF IT ALL: Mobile banking: a channel in its own right
"It’s becoming clear that mobile banking, if not already commoditized, soon will be. The question for banks is how to differentiate their mobile channel enough so that it not only prevents current customers from leaving, but actually attracts new customers and business. A number of analysts have weighed in on this recently."
Chase Awarded Javelin Strategy & Research's "Best in Class" for Mobile Banking in 2011
"Chase announced today that Javelin Strategy & Research recently awarded them "Best in Class" for mobile banking 2011, beating 24 of the largest retail banking financial institutions measured by deposits. According to Javelin's recently-released third Mobile Banking Scorecard, Chase won by providing a broad range of features and specialty apps to complement its mobile offering, including person-to-person transfers through Chase QuickPay (SM), account rewards, and mobile remote deposit capture via Chase QuickDeposit (SM)."
J.P. Morgan Names New Unit CFO
"J.P. Morgan Chase & Co. will continue expanding and investing in its consumer-banking business, the unit's heads affirmed in a memo that named a new chief financial officer for the consumer bank.
Chase, the retail side of the nation's biggest bank by assets and deposits, hired David Owen, the former head of online and mobile banking at Bank of America Corp., to be finance chief for the unit. He is charged with ..."
Tablet banking on the rise
"As banks work to deliver new tools for account holders, a survey shows that the future of mobile banking may be bigger than a smartphone. In a survey conducted by Oracle Communications, more than 3,000 mobile users indicated there is a very bright future for tablet computers. The majority of people have jumped on the smartphone bandwagon, but when it comes to money management, tablets appear to be the technological tool of choice."
First Citizens' Federal Credit Union introduces mobile banking
"First Citizens' Federal Credit Union announced the release of Mobile Banking, which allows members to access account information, view transaction history, transfer funds, make bill payments and find branch or ATM locations. Once enrolled in Mobile Banking, members may choose from three mobile banking options."
"There is now an app for Fifth Third Bank’s mobile services. Fifth Third has launched a banking app for use with Apple products such as iPhones and app launchers for Android and BlackBerry smartphones. The downtown-based bank also announced Thursday it is adding text banking. That allows customers to make transfers and get their account information by sending a text message to Fifth Third."
Android exploits new mobile banking enemy
"With Google Inc.'s Android mobile operating system increasingly finding itself in the sights of malicious software, Canadian banks are facing a new enemy on the mobile frontier.
Reports of Android malware have increased sharply in recent months, with Juniper Networks reporting that as many as 55 per cent of Android applications are not what they seem. It’s a disturbing trend, but financial information is not being targeted in significant way, say banks and industry experts. At least, not yet."
Mobile Banking - It's more than just another channel
"I was in a meeting recently discussing the mobile aspirations of a client. Beyond their initial foray into the mobile space, offering an iPhone app that can do just a little bit less than their current internet offering, my client had not spent much time thinking about mobile. If anything, mobile was something that they felt compelled to get into due to market pressures from competitors who have launched their mobile applications to much fan fair. They consistently referred to mobile in the context of all their other channels and spoke about it as if mobile's sole utility was in replicating previously available transactional processes already available via some of their other channels."
MAKING SENSE OF IT ALL: Mobile banking: a channel in its own right
"It’s becoming clear that mobile banking, if not already commoditized, soon will be. The question for banks is how to differentiate their mobile channel enough so that it not only prevents current customers from leaving, but actually attracts new customers and business. A number of analysts have weighed in on this recently."
Chase Awarded Javelin Strategy & Research's "Best in Class" for Mobile Banking in 2011
"Chase announced today that Javelin Strategy & Research recently awarded them "Best in Class" for mobile banking 2011, beating 24 of the largest retail banking financial institutions measured by deposits. According to Javelin's recently-released third Mobile Banking Scorecard, Chase won by providing a broad range of features and specialty apps to complement its mobile offering, including person-to-person transfers through Chase QuickPay (SM), account rewards, and mobile remote deposit capture via Chase QuickDeposit (SM)."
J.P. Morgan Names New Unit CFO
"J.P. Morgan Chase & Co. will continue expanding and investing in its consumer-banking business, the unit's heads affirmed in a memo that named a new chief financial officer for the consumer bank.
Chase, the retail side of the nation's biggest bank by assets and deposits, hired David Owen, the former head of online and mobile banking at Bank of America Corp., to be finance chief for the unit. He is charged with ..."
Tablet banking on the rise
"As banks work to deliver new tools for account holders, a survey shows that the future of mobile banking may be bigger than a smartphone. In a survey conducted by Oracle Communications, more than 3,000 mobile users indicated there is a very bright future for tablet computers. The majority of people have jumped on the smartphone bandwagon, but when it comes to money management, tablets appear to be the technological tool of choice."
First Citizens' Federal Credit Union introduces mobile banking
"First Citizens' Federal Credit Union announced the release of Mobile Banking, which allows members to access account information, view transaction history, transfer funds, make bill payments and find branch or ATM locations. Once enrolled in Mobile Banking, members may choose from three mobile banking options."
Monday, February 28, 2011
Mobile Banking Updates - Feb 28
eMarketer: Mobile Payments Take Hold Around the World
"A sixfold increase in the volume of mobile payment transactions is on the way in the next four years, according to one research firm. A forecast from Yankee Group predicts the worldwide transaction value of mobile payments will total $984 billion by 2014, up from $162 billion last year. That includes transactions from mobile banking, international and domestic remittances, contactless cards, mobile coupons and near-field communications."
Chase Taps Mitek’s Image Innovation
"Mitek’s patented mobile remote deposit technology has found another taker in Chase, which will team with the tech firm to develop a series of new mobile RDC products that work across multiple smartphone operating systems.
Chase will expand its QuickDeposit feature—which enables consumers to deposit checks by clicking their mobile phone camera—by deploying Mitek’s mobile banking and image capture analytics. The deposit services will join other mobile financial services offered by Chase, including text banking, mobile banking apps for iPhone and Android and instant action alerts."
NFC: The Power to 'Touch and Transact'
"Ever-evolving mobile technology has demonstrated the ways in which it is changing lives by connecting friends and families around the globe, consistently introducing new handset-centric applications that simplify our everyday lives and delivering critical services such as mobile banking and mobile health. However, while both smartphones and traditional mobile phones offer basic voice and SMS, the divide begins to widen when you introduce capabilities for additional services such as ring tone, music, video, billing top-ups, etc."
Fifth Third Bank Selects ClairMail as Mobile Banking Provider
"ClairMail, Inc., the leader in mobile banking and payment solutions, today announced that Fifth Third Bank has selected ClairMail to power its new mobile banking technology and services. With the new support from ClairMail, Fifth Third Bank customers will enhance their mobile banking experience with better access to their accounts, bill paying capabilities and real time personalized text alerts, thereby gaining greater control over their accounts and overall finances. Using ClairMail's robust and scalable mobile platform, Fifth Third also has the flexibility to connect to multiple financial systems and future-proof their mobile powered offerings."
ePayments Week: More Androids banking
"As the number of Android users swells past the number of iPhone users, it should come as no surprise that as of December, 2010, there's more mobile banking on Android than on iPhones. However, Carlo Cardilli suggests that could change as the number of Verizon iPhones grows and those users take up mobile banking.
A recent Forrester survey says 12% of the US online population banks on their phones, up from 5% two years ago. Forrester says that's about 10 million users, and predicts that will grow to 50 million by 2015. That growth seems reasonable, given that users who discover mobile banking tend to, over time, use it more as they get used to it, especially for simple transactions like checking balances and transferring funds between accounts. Still, Penny Crosman with Bank Systems & Technology notes that 35% of online users shy away from mobile banking because they worry it's not safe and 24% don't see the point and would just as soon wait until they reach the ATM."
Mint Paves the Path – This Time in Mobile
"Think again if you ever wondered if Mint would lose its edge after its acquisition by giant Intuit. The “startup” once again is setting the benchmark, this time in the realm where personal finance management hits mobile.
Mint upgraded its iPhone app this month to enable consumers to register and add accounts from the mobile device – relieving consumers of the dual-channel hassle of logging online so that they can be mobile. The news is worth watching because it will provide a measure of whether banks and credit unions are short-sighted if they force customers to sign up for online banking even if they prefer mobile banking instead. But Mint also understands that it’s a mistake to think that mobile can simply mirror the online experience. The critical question is which personal finance tools work better online, and which ones work better in mobile."
"A sixfold increase in the volume of mobile payment transactions is on the way in the next four years, according to one research firm. A forecast from Yankee Group predicts the worldwide transaction value of mobile payments will total $984 billion by 2014, up from $162 billion last year. That includes transactions from mobile banking, international and domestic remittances, contactless cards, mobile coupons and near-field communications."
Chase Taps Mitek’s Image Innovation
"Mitek’s patented mobile remote deposit technology has found another taker in Chase, which will team with the tech firm to develop a series of new mobile RDC products that work across multiple smartphone operating systems.
Chase will expand its QuickDeposit feature—which enables consumers to deposit checks by clicking their mobile phone camera—by deploying Mitek’s mobile banking and image capture analytics. The deposit services will join other mobile financial services offered by Chase, including text banking, mobile banking apps for iPhone and Android and instant action alerts."
NFC: The Power to 'Touch and Transact'
"Ever-evolving mobile technology has demonstrated the ways in which it is changing lives by connecting friends and families around the globe, consistently introducing new handset-centric applications that simplify our everyday lives and delivering critical services such as mobile banking and mobile health. However, while both smartphones and traditional mobile phones offer basic voice and SMS, the divide begins to widen when you introduce capabilities for additional services such as ring tone, music, video, billing top-ups, etc."
Fifth Third Bank Selects ClairMail as Mobile Banking Provider
"ClairMail, Inc., the leader in mobile banking and payment solutions, today announced that Fifth Third Bank has selected ClairMail to power its new mobile banking technology and services. With the new support from ClairMail, Fifth Third Bank customers will enhance their mobile banking experience with better access to their accounts, bill paying capabilities and real time personalized text alerts, thereby gaining greater control over their accounts and overall finances. Using ClairMail's robust and scalable mobile platform, Fifth Third also has the flexibility to connect to multiple financial systems and future-proof their mobile powered offerings."
ePayments Week: More Androids banking
"As the number of Android users swells past the number of iPhone users, it should come as no surprise that as of December, 2010, there's more mobile banking on Android than on iPhones. However, Carlo Cardilli suggests that could change as the number of Verizon iPhones grows and those users take up mobile banking.
A recent Forrester survey says 12% of the US online population banks on their phones, up from 5% two years ago. Forrester says that's about 10 million users, and predicts that will grow to 50 million by 2015. That growth seems reasonable, given that users who discover mobile banking tend to, over time, use it more as they get used to it, especially for simple transactions like checking balances and transferring funds between accounts. Still, Penny Crosman with Bank Systems & Technology notes that 35% of online users shy away from mobile banking because they worry it's not safe and 24% don't see the point and would just as soon wait until they reach the ATM."
Mint Paves the Path – This Time in Mobile
"Think again if you ever wondered if Mint would lose its edge after its acquisition by giant Intuit. The “startup” once again is setting the benchmark, this time in the realm where personal finance management hits mobile.
Mint upgraded its iPhone app this month to enable consumers to register and add accounts from the mobile device – relieving consumers of the dual-channel hassle of logging online so that they can be mobile. The news is worth watching because it will provide a measure of whether banks and credit unions are short-sighted if they force customers to sign up for online banking even if they prefer mobile banking instead. But Mint also understands that it’s a mistake to think that mobile can simply mirror the online experience. The critical question is which personal finance tools work better online, and which ones work better in mobile."
Sunday, July 25, 2010
Mobile Banking Updates - July 25
Where's the Love for Android?
"With the large public debacle that was Steve Jobs' and Apple Inc.'s "Antennagate," a growing number of smart phones and connected devices on America's other wireless carriers and an ever-maturing mobile OS and app marketplace, Android is looking more attractive all the time. And while mobile banking apps and features seemingly pop up everyday on iOS, the same can't be said for Android.
While the public uptake of mobile banking might be slow to develop, it would seem that with a growing number of Americans choosing Android devices over iPhones, banks and providers would at least try to offer parallel services in the Android Marketplace. And the openness of app development and deployment on Google's mobile OS seem like a good opportunity to get on board."
KPMG Survey: Mobile Banking Steadily Gaining Acceptance Among U.S. Consumers
"Mobile banking and the use of mobile devices such as cell phones, smartphones, and personal digital assistants (PDAs) for financial transactions and payments are increasingly gaining acceptance among U.S. consumers, according to results of a survey conducted by KPMG LLP, the audit, tax and advisory firm.
The results of KPMG's fourth annual Global Consumers and Convergence survey show that 19 percent of U.S. consumers have conducted banking transactions on a mobile device, compared to only 9 percent when KPMG last completed this survey 18 months ago. More than 5,600 people in 22 countries worldwide participated in the survey, which examines trends in the use of mobile technology."
Mobile Remote Deposit Capture by the Numbers (thanks USAA)
"USAA is now doing the same for the fledgling consumer-remote-check-deposit market. USAA was the first major financial institution to introduce the service a year ago. Earlier this month, Chase Bank became the second major bank to offer mobile capture.
In a press release last week, the direct banking giant said that more than 1.5 million checks, worth $930 million (an average of $620 per item), had been deposited through its mobile remote deposit app released last summer. Mobile accounts for about one-third of the bank’s consumer remote capture volume. The online version, introduced in late 2006, still outnumbers mobile volume 2 to 1."
Mobile Banking Sees Success in Senegal
"Thanks to a mobile banking system launched last month in Senegal, people with no previous access to bank accounts were able to watch the World Cup via satellite services that they paid for electronically with a few taps on a mobile phone. The service is a clear sign that mobile banking is taking off in Africa, giving some of the world's poorest people a way to access financial services.
The system, which is called Yoban'tel by Obopay and was launched on June 24 by Obopay and Société Générale de Banques au Sénégal, lets customers use text messages to transfer money to satellite and cell-phone providers. Users walk into a participating store and make a deposit into their Yoban'tel account. They can then use that money to pay bills. "
TOP 5 MOBILE COMMERCE TRENDS FOR 2010
"Mobile commerce, or m-commerce, is simply the ability to conduct business transactions through a mobile device. With smartphone sales rising 49% in the first quarter of 2010, never before has it been so easy to shop, anywhere, anytime from the palm of your hand. There is an enormous amount of ongoing market research, and though there has been a variety of numbers estimated and reported, they all conclude that mobile commerce is a profitable and rapidly growing market.
By 2015, it’s estimated that shoppers from around the world will spend about $119 billion on goods and services bought via their mobile phones, according to a study by ABI Research released this past February. In the United States alone, mobile shopping rose from $396 million in 2008 to $1.2 billion in 2009, and mobile campaign spending also increased by 25 to 30% over the past year, with companies shelling out just under $313 million according to the same study. Senior Analyst Mark Beccue, said that he’s forecasting U.S. sales to reach about $2.2 billion in 2010."
Maybank Targets To Increase Mobile Banking Customer Base By 53 Per Cent
"Malayan Banking Bhd (Maybank) is targeting to increase its mobile banking customer base by 53 per cent to over 290,000 by July 2011 with launch of its enhanced Mobile Banking Service or M2U Mobile.
The enhanced M2U Mobile enabled customers to access the bank's portal Maybank2u.com using any phone model or telco operator for their banking, bill payment or e-commerce transactions, Maybank said in a statement Tuesday."
150 Credit Unions Choose Mobile Money(TM) From Fiserv
"Fiserv, Inc., the leading global provider of financial services technology solutions and the largest provider of business-driven technology solutions for credit unions, today announced that 150 credit unions have chosen to implement Mobile Money(TM) from Fiserv to date, including 84 that are already live.
Mobile Money gives credit union members the flexibility to use any mobile device to check account balances and history, transfer funds, pay bills, and track account activity. Mobile Money is the industry's most complete mobile banking and payments offering, supporting all three mobile access modes: SMS (text messaging), mobile browser, and downloadable applications. Mobile Money is available as an in-house solution or hosted by Fiserv through an application service provider (ASP) model."
Fiserv brings mobile banking person-to-person with ZashPay
"Fiserv is a big financial services provider, and also what you might call a mobile payments “enabler”. For months, we’ve reported as Fiserv provides mobile banking services to smaller, regional banks and credit unions. Today, it’s aiming even smaller – with a person-to-person mobile payment system called ZashPay."
"With the large public debacle that was Steve Jobs' and Apple Inc.'s "Antennagate," a growing number of smart phones and connected devices on America's other wireless carriers and an ever-maturing mobile OS and app marketplace, Android is looking more attractive all the time. And while mobile banking apps and features seemingly pop up everyday on iOS, the same can't be said for Android.
While the public uptake of mobile banking might be slow to develop, it would seem that with a growing number of Americans choosing Android devices over iPhones, banks and providers would at least try to offer parallel services in the Android Marketplace. And the openness of app development and deployment on Google's mobile OS seem like a good opportunity to get on board."
KPMG Survey: Mobile Banking Steadily Gaining Acceptance Among U.S. Consumers
"Mobile banking and the use of mobile devices such as cell phones, smartphones, and personal digital assistants (PDAs) for financial transactions and payments are increasingly gaining acceptance among U.S. consumers, according to results of a survey conducted by KPMG LLP, the audit, tax and advisory firm.
The results of KPMG's fourth annual Global Consumers and Convergence survey show that 19 percent of U.S. consumers have conducted banking transactions on a mobile device, compared to only 9 percent when KPMG last completed this survey 18 months ago. More than 5,600 people in 22 countries worldwide participated in the survey, which examines trends in the use of mobile technology."
Mobile Remote Deposit Capture by the Numbers (thanks USAA)
"USAA is now doing the same for the fledgling consumer-remote-check-deposit market. USAA was the first major financial institution to introduce the service a year ago. Earlier this month, Chase Bank became the second major bank to offer mobile capture.
In a press release last week, the direct banking giant said that more than 1.5 million checks, worth $930 million (an average of $620 per item), had been deposited through its mobile remote deposit app released last summer. Mobile accounts for about one-third of the bank’s consumer remote capture volume. The online version, introduced in late 2006, still outnumbers mobile volume 2 to 1."
Mobile Banking Sees Success in Senegal
"Thanks to a mobile banking system launched last month in Senegal, people with no previous access to bank accounts were able to watch the World Cup via satellite services that they paid for electronically with a few taps on a mobile phone. The service is a clear sign that mobile banking is taking off in Africa, giving some of the world's poorest people a way to access financial services.
The system, which is called Yoban'tel by Obopay and was launched on June 24 by Obopay and Société Générale de Banques au Sénégal, lets customers use text messages to transfer money to satellite and cell-phone providers. Users walk into a participating store and make a deposit into their Yoban'tel account. They can then use that money to pay bills. "
TOP 5 MOBILE COMMERCE TRENDS FOR 2010
"Mobile commerce, or m-commerce, is simply the ability to conduct business transactions through a mobile device. With smartphone sales rising 49% in the first quarter of 2010, never before has it been so easy to shop, anywhere, anytime from the palm of your hand. There is an enormous amount of ongoing market research, and though there has been a variety of numbers estimated and reported, they all conclude that mobile commerce is a profitable and rapidly growing market.
By 2015, it’s estimated that shoppers from around the world will spend about $119 billion on goods and services bought via their mobile phones, according to a study by ABI Research released this past February. In the United States alone, mobile shopping rose from $396 million in 2008 to $1.2 billion in 2009, and mobile campaign spending also increased by 25 to 30% over the past year, with companies shelling out just under $313 million according to the same study. Senior Analyst Mark Beccue, said that he’s forecasting U.S. sales to reach about $2.2 billion in 2010."
Maybank Targets To Increase Mobile Banking Customer Base By 53 Per Cent
"Malayan Banking Bhd (Maybank) is targeting to increase its mobile banking customer base by 53 per cent to over 290,000 by July 2011 with launch of its enhanced Mobile Banking Service or M2U Mobile.
The enhanced M2U Mobile enabled customers to access the bank's portal Maybank2u.com using any phone model or telco operator for their banking, bill payment or e-commerce transactions, Maybank said in a statement Tuesday."
150 Credit Unions Choose Mobile Money(TM) From Fiserv
"Fiserv, Inc., the leading global provider of financial services technology solutions and the largest provider of business-driven technology solutions for credit unions, today announced that 150 credit unions have chosen to implement Mobile Money(TM) from Fiserv to date, including 84 that are already live.
Mobile Money gives credit union members the flexibility to use any mobile device to check account balances and history, transfer funds, pay bills, and track account activity. Mobile Money is the industry's most complete mobile banking and payments offering, supporting all three mobile access modes: SMS (text messaging), mobile browser, and downloadable applications. Mobile Money is available as an in-house solution or hosted by Fiserv through an application service provider (ASP) model."
Fiserv brings mobile banking person-to-person with ZashPay
"Fiserv is a big financial services provider, and also what you might call a mobile payments “enabler”. For months, we’ve reported as Fiserv provides mobile banking services to smaller, regional banks and credit unions. Today, it’s aiming even smaller – with a person-to-person mobile payment system called ZashPay."
Wednesday, June 23, 2010
Mobile Banking Updates - Jun 23
Report:Juniper Research Predicts Increase in Popularity of Mobile Banking
"In an in depth study conducted by it, Juniper Research (News - Alert) has found that mobile banking has become more popular with mobile subscribers. According to a study, the number of mobile users using mobile banking was expected to exceed 400 million globally by the year 2013. The results of Juniper's detailed Mobile Banking Technology Strategies Survey showed that banks were increasing services by using SMS and relying more and more on Web apps to provide additional channel choices for their customers."
One-Fifth Of Android Apps Said To Pose Security Risks
"Everyone would do well to show a little caution when browsing the Android Market, according to a new report. SMobile Systems - which specializes in security issues pertaining to mobile phones and the wireless infrastructure - believes 20 percent of the available applications allow third parties access to info better left unshared."
An Overview of Mobile Payments and Their Regulation
"Mobile phones today perform more like handheld computers. Mobile phones now are poised to function as payment devices, allowing users to pay for goods and services and transfer funds. By 2012, an estimated 190 million people will use their phones to conduct mobile payments, or m-payments.1 The end game is a world where consumers no longer carry a wallet: instead, all cards, including credit, debit, gift and membership cards, are stored on mobile phones."
Compass Plus Launches TranzWare Mobile Banking
"Compass Plus, an international provider of electronic funds transfer (EFT) and retail banking technology to financial institutions, today announced the release of its enhanced TranzWare Mobile Banking product to enable its clients to provide an end-to-end mobile banking solution to a broader range of consumers.
TranzWare Mobile Banking enables banks and credit unions to expand the convenience of online banking to consumers’ mobile devices, providing access to Internet banking features such as details and statements for multiple accounts; management of debit and credit cards; bill pay functionality; person-to-person payments; and the ordering of the institution’s products and services. The platform can be accessed by any smart phone user.
New text banking service launched for Citibank customers
"A new service that delivers account updates on demand is now available to Citibank and credit card customers in the US under the name Citi Text Banking. Citi Text Banking represents the newest addition to company’s award-winning US mobile banking platform, Citi Mobile(SM). Citi Mobile includes a downloadable app for iPhone devices and a mobile version of citi.com that customers can access from their smartphones' browser."
"In an in depth study conducted by it, Juniper Research (News - Alert) has found that mobile banking has become more popular with mobile subscribers. According to a study, the number of mobile users using mobile banking was expected to exceed 400 million globally by the year 2013. The results of Juniper's detailed Mobile Banking Technology Strategies Survey showed that banks were increasing services by using SMS and relying more and more on Web apps to provide additional channel choices for their customers."
One-Fifth Of Android Apps Said To Pose Security Risks
"Everyone would do well to show a little caution when browsing the Android Market, according to a new report. SMobile Systems - which specializes in security issues pertaining to mobile phones and the wireless infrastructure - believes 20 percent of the available applications allow third parties access to info better left unshared."
An Overview of Mobile Payments and Their Regulation
"Mobile phones today perform more like handheld computers. Mobile phones now are poised to function as payment devices, allowing users to pay for goods and services and transfer funds. By 2012, an estimated 190 million people will use their phones to conduct mobile payments, or m-payments.1 The end game is a world where consumers no longer carry a wallet: instead, all cards, including credit, debit, gift and membership cards, are stored on mobile phones."
Compass Plus Launches TranzWare Mobile Banking
"Compass Plus, an international provider of electronic funds transfer (EFT) and retail banking technology to financial institutions, today announced the release of its enhanced TranzWare Mobile Banking product to enable its clients to provide an end-to-end mobile banking solution to a broader range of consumers.
TranzWare Mobile Banking enables banks and credit unions to expand the convenience of online banking to consumers’ mobile devices, providing access to Internet banking features such as details and statements for multiple accounts; management of debit and credit cards; bill pay functionality; person-to-person payments; and the ordering of the institution’s products and services. The platform can be accessed by any smart phone user.
New text banking service launched for Citibank customers
"A new service that delivers account updates on demand is now available to Citibank and credit card customers in the US under the name Citi Text Banking. Citi Text Banking represents the newest addition to company’s award-winning US mobile banking platform, Citi Mobile(SM). Citi Mobile includes a downloadable app for iPhone devices and a mobile version of citi.com that customers can access from their smartphones' browser."
Sunday, June 20, 2010
Mobile Banking Updates - Jun 20
Mobile banking vulnerable to laundering, terror funding: RBI
"Reserve Bank Governor D Subbarao today said mobile banking should be driven by banks, not telecom operators, considering money laundering and terror financing threats. 'The Reserve Bank has a clear preference for the bank-led model,' RBI Governor D Subbarao said at a Banking Technology Excellence awards function hosted by the Institute for Development and Research in Banking Technology (IDRBT). 'Given the growing concerns about money laundering and financing of terrorism, a bank-led model is decidedly safer and more sustainable,' he said, adding, however, that a mobile operator-led model helps accelerate financial inclusion."
Fiserv Signs Over 100 FIs for ZashPay Person-to-Person Payments Service
"Fiserv has announced that more than 100 financial institutions have already committed to offer its ZashPay person-to-person (P2P) payments service. Fiserv says that 'banks and credit unions across the United States, ranging in size from small community institutions to top 50 banks, have signed up to offer the service, with continued interest and signings expected throughout the summer.'"
Mobile Users Want Android, Banks Don't Have It
"Jeff Peiffer was so frustrated that his bank didn't offer an app for his phone that he made one himself, put it online — and watched it become one of the top finance downloads for Android handsets. The success of Peiffer's software offers an important lesson for financial companies that have not yet developed apps for phones using Google Inc.'s operating system: Android users are among the most active mobile banking users. Many banks are not meeting that demand, however, and observers say that by neglecting that market banks are training people to be more accepting of third-party software, an approach that could cost them users in the long run and, in the wrong hands, might also open the door to fraud."
Fraud and Mobility are Top Priorities for Bankers, According to Fundtech Survey
"While only 10% of the bankers said they have already deployed mobile business banking services, 39% said they will be deploying mobile services within 6-12 months. This is in sharp contrast to the strong growth of consumer mobile banking, where 57% of American banks are expected to offer a solution by the end of 2010. This can be attributed to the moderate interest bankers see from among their business clients. Only 26% of respondents said that there is strong interest in mobile business banking services among their clients, and nearly 60% said that curiosity was driving this interest and that these are "early days." Polling results also indicate that the adoption of mobile financial services will be evenly adopted across large, mid-sized and small businesses and corporate clients."
Vodafone Mobile Banking: From M-Pesa to M-Kesho
"M-PESA, Vodafone’s game-changing money transfer technology, now provides customers with the ability to link to an interest bearing savings account and buy insurance via their mobile. The service, which is operated by Safaricom in Kenya offers customers the chance to save money using a direct link to Equity Bank. It will provide a safe and secure service for many millions of Kenyans who currently do not have access to a bank account and so are unable to save money in a secure environment."
"Reserve Bank Governor D Subbarao today said mobile banking should be driven by banks, not telecom operators, considering money laundering and terror financing threats. 'The Reserve Bank has a clear preference for the bank-led model,' RBI Governor D Subbarao said at a Banking Technology Excellence awards function hosted by the Institute for Development and Research in Banking Technology (IDRBT). 'Given the growing concerns about money laundering and financing of terrorism, a bank-led model is decidedly safer and more sustainable,' he said, adding, however, that a mobile operator-led model helps accelerate financial inclusion."
Fiserv Signs Over 100 FIs for ZashPay Person-to-Person Payments Service
"Fiserv has announced that more than 100 financial institutions have already committed to offer its ZashPay person-to-person (P2P) payments service. Fiserv says that 'banks and credit unions across the United States, ranging in size from small community institutions to top 50 banks, have signed up to offer the service, with continued interest and signings expected throughout the summer.'"
Mobile Users Want Android, Banks Don't Have It
"Jeff Peiffer was so frustrated that his bank didn't offer an app for his phone that he made one himself, put it online — and watched it become one of the top finance downloads for Android handsets. The success of Peiffer's software offers an important lesson for financial companies that have not yet developed apps for phones using Google Inc.'s operating system: Android users are among the most active mobile banking users. Many banks are not meeting that demand, however, and observers say that by neglecting that market banks are training people to be more accepting of third-party software, an approach that could cost them users in the long run and, in the wrong hands, might also open the door to fraud."
Fraud and Mobility are Top Priorities for Bankers, According to Fundtech Survey
"While only 10% of the bankers said they have already deployed mobile business banking services, 39% said they will be deploying mobile services within 6-12 months. This is in sharp contrast to the strong growth of consumer mobile banking, where 57% of American banks are expected to offer a solution by the end of 2010. This can be attributed to the moderate interest bankers see from among their business clients. Only 26% of respondents said that there is strong interest in mobile business banking services among their clients, and nearly 60% said that curiosity was driving this interest and that these are "early days." Polling results also indicate that the adoption of mobile financial services will be evenly adopted across large, mid-sized and small businesses and corporate clients."
Vodafone Mobile Banking: From M-Pesa to M-Kesho
"M-PESA, Vodafone’s game-changing money transfer technology, now provides customers with the ability to link to an interest bearing savings account and buy insurance via their mobile. The service, which is operated by Safaricom in Kenya offers customers the chance to save money using a direct link to Equity Bank. It will provide a safe and secure service for many millions of Kenyans who currently do not have access to a bank account and so are unable to save money in a secure environment."
Sunday, June 13, 2010
Mobile Banking Updates - Jun 13
Why Android Is Attractive for Alt-Payment Companies
"A growing number of mobile payments companies are promoting systems that charge purchases to users' phone bills rather than credit or debit cards. Since Apple Inc.'s tight control of the iPhone precludes this approach, the payments firms are gravitating to Google Inc.'s Android — which itself is emerging as the handset of choice for the consumers most likely to use their phones for banking and financial activities.
On Wednesday, Zong Inc. and Boku Inc. each introduced tools that let software developers weave their payments systems into applications for Android phones. These systems could be used, for example, by a video game developer to sell additional levels to someone who has downloaded a game that was given away for free."
Is mobile banking growing or not? The answer is yes.
"For statisticians (or accountants) that like to manipulate numbers, the mixed success of mobile banking is a field of dreams. If I want the appear to be rosy Javelin has many fresh quantitative stats to pull from:
* Rising m-banking use among advanced platforms (Android and iPhone!)
* Strong ROI metrics such as impact on new-customer turnover and fraud
* High interest among desirable or emerging demographic populations"
Sybase 365 Expands Global Mobile Banking Portfolio With Ixe Bank Partnership
"Sybase 365, a subsidiary of Sybase, Inc., the global leader in mobile messaging and mobile commerce services, today announced its partnership with Ixe Bank, one of Mexico's leading financial institutions, to launch 'Ixe Net Movil', the Bank's new multi-channel mBanking service.
'In working with Sybase 365, Ixe Bank can now enable a wide range of SMS, mobile browser and rich client banking applications, allowing our customers to decide when and where they want to bank,' said Enrique Perezalonso, Director of Marketing and New Product Development for Ixe Bank. 'Offering our customers outstanding service is a core part of our mission, and with Sybase 365 as a trusted partner we are now able to take our banking service directly to our customers.'"
Gates backs cell phone banking for Haiti
"The massive earthquake in Haiti in January destroyed a third or more of the country's banks and ATMs, but even before the quake fewer than 1 in 10 Haitians had ever used a traditional bank.
Aiming to broaden access to financial institutions and aid in the recovery, the Gates Foundation and the U.S. Agency for International Development announced Tuesday a plan to back up to $10 million in funding to spur the use of cell phone banking, an approach that has worked elsewhere to bring financing to the poor."
"A growing number of mobile payments companies are promoting systems that charge purchases to users' phone bills rather than credit or debit cards. Since Apple Inc.'s tight control of the iPhone precludes this approach, the payments firms are gravitating to Google Inc.'s Android — which itself is emerging as the handset of choice for the consumers most likely to use their phones for banking and financial activities.
On Wednesday, Zong Inc. and Boku Inc. each introduced tools that let software developers weave their payments systems into applications for Android phones. These systems could be used, for example, by a video game developer to sell additional levels to someone who has downloaded a game that was given away for free."
Is mobile banking growing or not? The answer is yes.
"For statisticians (or accountants) that like to manipulate numbers, the mixed success of mobile banking is a field of dreams. If I want the appear to be rosy Javelin has many fresh quantitative stats to pull from:
* Rising m-banking use among advanced platforms (Android and iPhone!)
* Strong ROI metrics such as impact on new-customer turnover and fraud
* High interest among desirable or emerging demographic populations"
Sybase 365 Expands Global Mobile Banking Portfolio With Ixe Bank Partnership
"Sybase 365, a subsidiary of Sybase, Inc., the global leader in mobile messaging and mobile commerce services, today announced its partnership with Ixe Bank, one of Mexico's leading financial institutions, to launch 'Ixe Net Movil', the Bank's new multi-channel mBanking service.
'In working with Sybase 365, Ixe Bank can now enable a wide range of SMS, mobile browser and rich client banking applications, allowing our customers to decide when and where they want to bank,' said Enrique Perezalonso, Director of Marketing and New Product Development for Ixe Bank. 'Offering our customers outstanding service is a core part of our mission, and with Sybase 365 as a trusted partner we are now able to take our banking service directly to our customers.'"
Gates backs cell phone banking for Haiti
"The massive earthquake in Haiti in January destroyed a third or more of the country's banks and ATMs, but even before the quake fewer than 1 in 10 Haitians had ever used a traditional bank.
Aiming to broaden access to financial institutions and aid in the recovery, the Gates Foundation and the U.S. Agency for International Development announced Tuesday a plan to back up to $10 million in funding to spur the use of cell phone banking, an approach that has worked elsewhere to bring financing to the poor."
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