Mobile Banking Security - May 29

80% of mobile banking apps may have security flaws
"Neal O’Farrell, executive director of the nonprofit Identity Theft Council, spoke about the seriousness of mobile security as part of San Francisco Small Business Week, Cult Of Mac reported. 'There were more data breaches than U.S. residents last year and more cases of identity theft than just about all other crimes combined,'"

Action Line: Mobile banking scam a growing concern
"The FBI warned on Jan. 11 that 'crafty criminals are aiming to steal one of the most valuable pieces of your personal property: banking information,' says a Bankrate.com email. It warns mobile banking account holders of spam emails from National Automated Clearing House Association, the Federal Reserve and the FDIC in a scheme involving a new type of malware - 'Gameover.' The scheme involves spoofed messages that attempt to trick recipients into clicking on links to resolve issues with their accounts or recent ACH transactions. When you click on links, Gameover hijacks your computer and its criminal operators steal user names, passwords and ultimately your money."

How Safe is Mobile Banking?
"Most of us are now totally comfortable with using technology to do our banking. However, when it comes to knowing whether mobile or internet banking is safest, most of us are at a loss. The truth is there are pros and cons to both. Your internet connection might be safer because you've installed a decent security system, or it could be that your mobile with its passcode is the more secure option."

NAB warns of mobile malware threat "NAB, which today revealed that its customers funnel $1 billion a month through its mobile banking applications, has warned that mobile malware and poor mobile security is going to be a much bigger issue in the future and that that companies serving up mobile content ignore the issue at their peril. Speaking at Cebit in Sydney today, Ben Forsyth, head of mobile and emerging technology at NAB, said that at present users had experienced only the 'tip of the iceberg' with regard to mobile security problems. As mobiles became an increasingly important transaction platform 'vulnerabilities are almost inevitable,' he warned."

Mobile Banking Security - Jan 16

Fraud Prevention: Utilizing Mobile Technology for Authentication & Transaction Verification
"It's no longer just about mobile banking. Mobile technology today is deployed by leading-edge institutions for out-of-band user authentication, transaction verification and to help prevent fraud via real-time security alerts. How can your institution crack down on fraud maximize its mobile investment?"

FBI Issues Warnings Over Mobile Banking
"With smartphone and tablet owners using their gadgets more often to access financial information and authorize transactions, cybercriminals are flocking to mobile platforms. As a result, the Federal Bureau of Investigation has released a bulletin detailing the hazards of mobile malware."

Mobile Functionality or Security?
"Mobile banking is on the rise, with 23 out of the United States' top 25 banks already offering some sort of mobile service. As smart phone and tablet usage grow, banks and credit unions will need to continue implementing and enhancing mobile technology, but they must focus on security and convenience, says Mary Monahan of Javelin Strategy & Research."

Mobile banking security tops 10 security threats for 2012
"While credit unions gear up for what may be radical growth in mobile banking, they also must keep in mind that mobile security is the No. 1 security issue in the list of top 10 computer security threats for 2012, according to McAfee Labs.

Cyber criminals are hacking into all sorts of devices, breaking into to everything from cell phones to car systems, and security threats are escalating and becoming more malicious, said Adam Wosotowsky, senior anti-spam analyst with McAfee (The Motley Fool Jan. 3)."

IDC RESEARCH CONCLUDES HEIGHTENED MOBILE BANKING SECURITY RISKS FOR UK FINANCIAL INSTITUTIONS
"Following research conducted by IDC Financial Insights, Akamai Technologies Ltd has found a widening gap between IT and business in many UK financial services companies that poses grave operational and security risks for mobile and online services. This widening gap is an unintentional consequence of business decision-makers within financial institutions lobbying for new and enhanced digital services and being stonewalled by IT departments fearful of the growing security threat from mobile malware."

Akamai warns of mobile banking security rift
"IT managers for banks are being put under increasing pressure to deliver secure mobile banking products while having to deal with severe budgetary constraints, according to research performed on behalf of Akamai by analyst company IDC."