Financial institutions (FIs) are facing a difficult challenge – account holder demand for services that are rife with fraud threats. Expand services too quickly and you risk fraud losses. Expand too slowly and you risk losing customers. It’s truly a double-edged sword that you must wield very carefully.
While FIs are developing and releasing mobile banking capabilities, mobile banking users are engaging in careless behavior that they would never consider with their computer or online banking. The result is a highly attractive opportunity for fraudsters consisting of a device that contains rich personal information, lax security, and a market that is expanding faster than the rate at which security controls are being deployed.
This white paper provides a comprehensive look at the mobile banking market, emerging threats, and fraud prevention strategies that have proven to be effective. It covers:
Meeting client demand for mobile services while mitigating escalating fraud threats
• Expanding use of Mobile Banking – Driven by rapid growth in smartphone and tablet computer ownership, users now want the same functionality they're used to with online banking.
• Mobile Devices are Under Attack – From malware designed for smartphones to bogus mobile apps to SMishing, smartphones are at very high risk of being compromised.
• How Financial Institutions are Responding – One indicator of how FIs are adjusting is that 80% of financial institutions are increasing budgets for mobile and online fraud prevention.
• Anomaly Detection for Mobile Banking – How the proven technique of using account holder behavior to detect suspicious activity can be applied to the mobile channel.
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