Mobile Banking Security - May 8

6 Top Mobile Banking Risks
"Banks and credit unions that don't take steps now to anticipate mobile banking and payment risks will suffer consequences in the long run, according to new research from BITS, the technology policy division of the Financial Services Roundtable. 'Clearly, they need to be doing a good risk assessment,' says Paul Smocer, BITS' president. 'Banks need to understand where there might be different and unique threats.'"

Mobile Bankers Love Convenience, But Security Concerns Remain
"Slow speed and lack of confidence are among the top reasons consumers don’t use mobile banking more often. People also are more comfortable banking on home computers than in branches or on mobile phones. An overwhelming majority (94%) of U.S. consumers who use smartphone and online banking describe banking from their mobile device as “easy.” More than three quarters (77%) say it is “convenient,” but only 42% feel it is reliable, according to a study released by Infosys."

Improving Mobile Banking Security
"Mobile banking platforms and applications offer unique security risks and challenges, but many financial institutions fail to adequately address those risks upfront. What steps can financial institutions take to control and enhance security of their mobile platforms and applications? Brian Pearce and Amy Johnson of Wells Fargo start with customer communication."

Mobile banking: How to keep your personal information safe
"Are you a big fan of mobile banking…or maybe afraid of embracing the technology? Do you struggle with comparing the ease of banking over the phone to the threat of something happening to that info? Well, in either group, you'll want to know more about a recent experiment involving smart phones, and what happens when they are lost, then found by a stranger, and what you can do to protect yourself in case it happens to you!"

Nine tips to help prevent mobile banking fraud
"Though mobile banking is taking off across the country, some Canadians still have concerns about paying bills and transferring funds by phone. But with a few easy steps, you can take precautions to ensure that your banking information isn’t compromised:"

Guardian Analytics Launches Mobile Banking Security Software
"Guardian Analytics has rolled out fraud detection software for mobile banking services called FraudMAP Mobile. The software is meant to identify suspicious mobile banking activity across SMS, mobile Web and mobile applications. According to the company, it provides the anomaly detection capabilities expected by the FFIEC for all electronic banking channels."

Trusteer Mobile Secures Smartphones and Tablets Against Banking Fraud
"Trusteer, the leading provider of endpoint cybercrime prevention solutions, today announced a new version of the Trusteer Mobile service which prevents mobile and online banking fraud. Trusteer Mobile detects mobile malware infection and helps bank customers fix security vulnerabilities on their devices. End users can also turn off access to their online bank accounts from anywhere using their mobile devices and safely access the bank web site via a secure mobile browser. Financial institutions can authorize online banking transactions using Trusteer Mobile Out-of-band Authentication for Android and iOS devices."

Mobile Banking Updates - May 1

Mobile banking trends in 2012
"A recent study by Ericsson revealed 10 hot consumer trends for 2012. Although these are mainly general mobile trends, all of them do have a clear imprint in the financial services industry. In this post I sum up the Ericsson study and enhance their general trends with my interpretation for the financial services industry."

Anomaly detection solution for mobile banking
"Guardian Analytics announced FraudMAP Mobile, the company's latest fraud prevention innovation, purpose-built to identify suspicious mobile banking activity. The solution uses anomaly detection across the triple play of mobile banking- SMS, mobile Web and mobile applications - to provide a critical layer of security that protects financial institutions and their mobile banking users. It also provides the anomaly detection capabilities expected by the FFIEC for all electronic banking channels."

Is mobile phone only alternative for banking?
"Since first trials of WAP mobile banking from late 1990s, several players has forced banking to mobile phone. There has been a hype around this white wedding paradigma over 15 years. Why mobile wedding with mobile phone and online banking has been around? To me reasons are: * Mobile phone was first portable device, which was easy to carry * Mobile phone was affordable for consumers. * It has required data connection"