Training

Next-Generation Technologies & Secure Development

The Mobile Environment: Challenges and Opportunities for Secure Banking

The Mobile Environment: Challenges and Opportunities for Secure Banking
Mobile devices have forced a radical shift in the way organizations service their customers. Financial institutions are no exception to the pressure of extending their online services to the mobile channel. By 2015 mobile banking could reach one in five adults in the United States. But the growth in mobile devices has also driven the incidence of mobile fraud, and improved security will be a prerequisite to recognize the exponential growth expected in mobile banking. As banks look to capitalize on the mobile environment they are also challenged by the need to bolster consumer confidence in online banking, particularly in the face of pending new FFIEC guidelines.

Against this backdrop, this webcast will look at how banks can leverage the mobile device itself to strengthen both online and mobile security, including:

  • Understanding the latest threats to mobile and online banking;
  • Why current solutions are ineffective against the latest fraud threats;
  • New approaches for strong authentication and transaction verification;
  • how mobile devices can strengthen mobile and online security and address pending FFIEC regulatory guidance

Background

A recent study by Forrester in January 2011 predicts that by 2015 mobile banking will reach one in five adults in the United States, and for many customers, mobile banking will become the preferred channel for basic banking transactions. In Europe, mobile banking trends are similar to those in the United States - as many as 12% of European Net users take advantage of some mobile banking.

But the growth in mobile devices has also driven the incidence of fraud targeting these devices. Whether simple rogue text messages, fictitious billing scams, or more malicious attacks using malware installed on the device, the number of attacks are now increasing alarmingly - by one account mobile malware increased by more than 45% in 2010. And with less education about mobile threats, users seem more inclined to fall victim to them. For many, it's the lack of security on these devices that is a major inhibitor to their adoption of mobile banking: 22% of those adults banking online in Europe and 35% for online adults in the United States indicated that lack of security was stopping them from banking with their mobile device.

But as banks look to address these issues and capitalize on the opportunities of the mobile environment, they are also challenged by the need to bolster consumer confidence in online banking, particularly in the face of pending FFIEC guidance. Online banking users, both consumers and commercial users, continue to be the target of sophisticated attacks. The United States now has the highest concentration of web sites that host the Zeus crimeware package. And the merger of the Zeus crimeware toolkit and its one-time rival SpyEye, has not only brought together two crimeware toolkits, but also two different bot networks

Yet the proliferation of mobile devices offers Financial Institutions an opportunity to leverage the device itself to strengthen both online and mobile security, while addressing customer demand for extended mobile banking services.

This webcast will look at the following:

  • Some of the latest threats to mobile and online banking;
  • Why many solutions currently deployed in financial institutions cannot address the latest fraud threats;
  • How mobile devices can be used to enhance online and mobile security and address upcoming guidance from FFIEC;
  • New proven approaches to provide stronger online and mobile authentication, transaction verification and embedded security for mobile banking applications.

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