Financial institutions (FIs) are facing a difficult challenge – account holder demand for services that are rife with fraud threats. Expand services too quickly and they risk fraud losses. Expand too slowly and they risk losing customers. It’s truly a double-edged sword that financial institutions must wield very carefully.
As financial institutions consider how to secure the mobile channel, they must start with an important premise: the device has been compromised. Mobile device owners’ behavior combined with very rapidly deployed malware has resulted in a very high infection rate, to the point where attempting to draw the battle lines at the device is sure to fail. The good news is that anomaly detection solutions that have proven so effective at protecting the online channel are just as effective at protecting the mobile banking channel.
Read the full whitepaper to explore topics such as:
- How FIs can secure the channel when a device is compromised
- Applying lessons learned the hard way from online banking fraud
- How to implement device-independent protection with anomaly detection for mobile banking