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."

Mobile Banking Updates - Aug 22

Gilt’s new chief operating officer ran mobile banking at Citibank
"Gilt Groupe Inc., No. 54 in the Internet Retailer Top 500 Guide, has hired web banking executive and former Barnes & Noble Inc. vice president Tracey Weber as chief operating officer. Her responsibilities include Gilt City, which sells discounted tickets and services in several major cities, along with customer service, merchandise planning and other areas, including what the e-retailer calls “several new strategic initiatives.” She reports to CEO Michelle Peluso, who took over as chief executive late last year."

Mobile Devices Burying Banks in Data
"Banks have long struggled to make sense of the reams of customer data they collect across product lines. The rise of mobile banking is making this task even harder. The industry now has a litany of new data points to process. How many customers interact with their bank via the web browser on the mobile devices compared to those who use an app? How frequently do customers log into a bank account through their smartphones? How much time do they spend there? Are consumers completing the tasks they set out to do on their mobile phones or tablets, or are they giving up in frustration?"

Today's Mobile Banking Apps: Table Stakes or Cutting Edge
"There is no disputing that the U.S. mobile banking landscape is changing rapidly. Larger banks are setting the stage for broader market trends, while smaller banks (and even some regional players) play catch up in the development of new functionality. What are some of the top U.S. banks doing that is innovative and what has quickly become table stakes in a game of mobile app one-upsmanship? And is mobile banking innovation becoming a value-added differentiator that can drive new revenues?"

iovation and CEB TowerGroup to Detail Security Implications Around the Rapid Rise in Mobile Banking
"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."

Fulda Area Credit Union Expands Relationship with Harland Financial Solutions to Include Core and Integrated Channel Solutions
"Harland Financial Solutions announced today that Fulda Area Credit Union has chosen its UltraData® Enterprise Core solution, along with additional integrated solutions from the company, including Cavion® Internet Banking, Cavion Voice Banking, Cavion Mobile Banking and the Servicing Director® loan servicing system. Fulda Area Credit Union, based in Fulda, Minn., selected Harland Financial Solutions to provide its members with high-touch service and to increase efficiency within the institution. The credit union currently utilizes Harland Financial Solutions' widely-used LaserPro® and DepositPro® compliant loan and deposit origination, account opening and documentation systems. By leveraging the integration among the existing and new solutions, Fulda will benefit from consolidated vendor management, a streamlined member experience across channels, and the opportunity to provide its members with new self-service options."

Brick-and-mortar branches still main source of business: bankers
"Brick-and-mortar branches are still the main source of business for banks and will continue to service a bulk of their customers, despite the emergence of alternative channels such as the Internet and mobile banking, bankers said. Banks have quickened expansion in the last few years, opening 6,300 branches in 2012-13, up more than fivefold from 1,200 in 2005-2006, according to a study by Boston Consulting Group (BCG) released at the banking conference in Mumbai organized by the Federation of Indian Chamber of Commerce and Industry (Ficci) and the Indian Banks’ Association (IBA)."