Online and email fraud high among business concerns

"Ecommerce and payments fraud remains high on the agenda for consumer-facing organizations, according to a recent Deloitte online poll. Nearly half (47%) of executives and managers reported that fraud protection ranks as a “high priority” for their organization and a further 8% cited this as their organization’s No. 1 priority." Continue Reading

Mobile Banking Security - Oct 29

Protecting Yourself from Mobile Banking Attacks
"It’s true – mobile banking is an easy and efficient way to view your account balances, review individual transactions, and send or receive payments while you’re on the go. But its convenience isn’t just attracting smartphone users worldwide – it’s also attracting cybercriminals, and it’s easy to see why. According to a recent report by the Federal Reserve, 42 percent of mobile banking users have transferred money between accounts; meanwhile, 21 percent of mobile payment users have transferred money directly to another users’ bank, credit card or Paypal account."

Mobile Banking's Security Advantages
"As demand for mobile banking and payments transactions grows, banking institutions face increasing pressure to ensure security, says Dennis Simmons of SWACHA, a Texas-based electronic-payments adviser for banks and credit unions. As a result, Simmons says, banks and credit unions must take advantage of mobile device features, such as geo-location, biometrics and device identification, to enhance authentication."

Blackhole Exploit Toolkit 2.0 and Mobile Banking Malware Are Top Trends in AVG's Q3 Threat Report
"AVG Technologies (NYS: AVG) , the provider of Internet and mobile security to 128 million active users, today released its Q3 2012 Community Powered Threat Report. This quarter's report investigates a number of malicious software developments including the newly launched 2.0 version of the Blackhole Exploit Toolkit, the evolution in malware targeting mobile banking services, a surge in malicious ads targeting social network users and a trick to hide malware inside image files."

iovation Presents Mobile Banking Impact on the Financial Services Fraud Landscape
"iovation, the Device Reputation Authority™ protecting online businesses from fraud and abuse, today announced its upcoming panel presentation discussing the increase in mobile service offerings by financial institutions and the impact that increased mobile usage is having on the fraud landscape. John Haney, Sales Executive at iovation, will share recent mobile trends based on iovation’s cybercrime intelligence network, and explain how banks and other financial institutions are detecting mobile fraud early in the process."

Report: Mobile banking could be more secure than online banking
"London-based research and consulting firm Goode Intelligence has released a report and white paper that indicate that the mobile banking channel has the potential to be more secure than online banking. The report, “Mobile Banking Security,” looks at the current security measures of mobile banking and how banks are working with technology companies to create means to prevent fraud and identity theft."

bile banking attacks on Android platforms are here
"The growing popularity of mobile banking and the Android platform for smartphones is combining to make this a fertile area for cyber criminals to target. AVG’s latest Threat Report confirms this trend and believes it will only continue to grow as cyber criminals are increasingly targeting the Android mobile platform with sophisticated social engineering attacks to hack into unsuspecting users’ mobile bank accounts."

Mobile Banking Security

Start-Up 100: How to make money from fraud
"Internet banking has transformed the way we manage our money and brought banking to our desktops. Mobile banking and mobile payment apps are growing fast as banks and brands push mobile payments, or m-payments, to become more customer friendly. eBay has sold over 30million items via its mobile apps, Starbucks and other brands offer payment apps, Apple is releasing “wave and pay” and Google’s CEO has identified the development of mobile money platforms as a key strategic priority for the search engine giant in 2011."

Why smartphone users and developers should fear hackers
"Analysts predict an increase in malware – malicious software – and other security threats that hackers spread through mobile devices, especially as sales of smartphones continue to explode worldwide.

While mobile viruses have been uncommon to date, hackers do have the ability to exploit mobile security, per Frost & Sullivan. Given that mobile users are increasingly surfing the Web, as well as downloading and using applications, many in the industry are not surprised to see a growth in malicious activity."

Clairmail Brings Fraud Management To Mobile Banking Technology
"ClairMail, a company that creates a mobile banking and payments platform, is rolling out a new product for financial institutions today—a mobile fraud management solution.

ClairMail helps power mobile banking and payments for financial institutions (the company counts eight of the top 12 North American banks as customers). ClairMail processes millions of transactions per month for its customers across retail banks, credit unions and card service companies, allowing consumers to make payments and access banking information via SMS, the mobile web and client applications, across a variety of mobile devices."

Phones Becoming Frontline in Credit Card Fraud Battle
"Mobile phones are increasingly being tapped to serve as the first line of protection against credit card and banking fraud. Banks, credit card companies and start-ups are all looking to leverage the ubiquity of cell phones and their location capabilities to help combat fraudulent activity."

8 tips to stop banking app fraud
"Having an app from your bank on a smart phone or tablet computer is incredibly convenient, but is it safe? About a year ago, owners of Android smart phones began downloading mobile banking apps from Google's Android Market. The apps cost about $1.50 each and connected users with about 40 major banks, including Bank of America and Wells Fargo. There was only one problem: The banks hadn't put them there."

BitDefender Offers Users Tips on How to Avoid Falling Victim to Mobile Phishing Scams
"An easy target for cyber criminals is smartphone users who take advantage of mobile banking. BitDefender®, an award-winning provider of innovative internet security solutions, has identified a serious mobile banking phishing scam and is offering tips to help smartphone users avoid falling victim to this and to similar mobile phishing scams."

Prevent Fraud with Client Education

Earlier I received word about a new article written by Brian Krebs in the Washington Post titled "The Anatomy of a Vishing Scam." This scam in particular involved text messaging, and targeted clients of Motorola Employees Credit Union, Boulder Valley Credit Union, and Bank of the Cascades. However, the technology is in no way to blame. Unfortunately, as is frequently the case, this scam was perpetuated by under-educated consumers. The article states, "Victims who called the number reached an automated voice mail box that prompted callers to key in their credit card number, expiration date and PIN to verify their information."

To read the full article click here >>

Discussion about Mobile Banking Security at a Feverish Pitch

With the excitement surrounding mobile banking now in full swing it should come as no surprise that the topic of security is also reaching a feverish pitch. In fact, in the world of finance one of the early warming signs of a potentially successful service is regulatory involvement and mobile banking is no different.

I first wrote about security in an article titled “Mobile Banking & Security.” Later I followed up with an article titled Mobile Banking Security and AntiVirus Protection on the Mobile Money and Banking website.

However, within the last week the information has seemed to pick up dramatically. Here is a sampling of the highlights:
• Mobile Banking Security: The Black Cloud Attached to the Silver Lining
• Reserve Bank of India Studies Mobile Banking
• Financial Sector Technology Vision document (2008-2010)
• Mobile Banking. Mixing Ubiquity With Security.
• The greatest weakness of mobile banking security is the mobile banking users themselves?
• Panda Security launches antifraud service for mobile banking.
• Mobile-Banking Security Checklist Published by Green Armor Solutions.
• Mobile Banking Fraud!