Fraud Prevention for Mobile Banking Apps

There is no stopping the mobile banking momentum as banks
continue to improve their mobile app offerings, enticing customers and lowering
operational costs in the process. Currently, more than half of smart phone
users have accessed their bank accounts using smart phones. Forrester Research
predicts that by 2015 one in five US adults will be using mobile banking,
peaking the interests of financial institutions and criminals alike. With the
rise of smart phone usage and mobile banking apps there are many threats

Fraudsters attempt to obtain users confidential login
information including passwords and personal identification numbers to gain
access to accounts and improperly transfer money or commit other fraudulent
acts. As a leader of an organization, you need to know how to create and
maintain a fraud
strategy for mobile banking because mobile is becoming the
preferred banking channel for most consumers.

Cybercriminals are progressively coming up with new and
innovative ways to target mobile platforms and compromise users data. It is
imperative to keep customers information and accounts safe as technology
progresses. Financial institutions also need to educate their customers on the
many other ways their information can be compromised through their mobile
device. From fake banking apps to stolen devices, fraudsters can obtain all of
the information they need to commit small or large crimes.

Like any good fraud prevention strategy the key to defending
mobile customers is with a layered approach. Identity verification and
authentication, drivers
license verification
and dynamic KBA all contribute to a secure layered
strategy. As Internet banking
continues to expand into mobile banking, so does the rate of potential fraud. FFIEC
have helped financial institutions guard against online attacks
in the past but fraudsters continue to seek new ways to infiltrate the system.
Optimizing your strategy with multiple layers of fraud protection is one sure
way to protect your customers. EVS can provide complete multilayered fraud
prevention solutions designed to prevent mobile fraud against your customers
and business.

[Contributed by EVS Marketing]

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