Mobile Banking Security for Peer-to-Peer Transfer Apps

With 2014 quickly approaching and the rapid growth in mobile
banking offerings, its inevitable that consumers will expect their banks and
financial institutions to provide a mobile banking application for them to use
on the go. More consumers are becoming mobile-savvy with growing expectations
of the functionalities they want their smartphones to provide. These expectations
most certainly include mobile banking and easy money transfers. Customers
want to have the ability to send money to friends and family who dont have an
account with their bank. The ease and convenience of peer-to-peer transfers is
becoming essential to customer satisfaction. Providing these functionalities will help customers be in
better control of managing their finances and feel confident about doing so.

The problem with providing this customer convenience is the
fact that fraudsters prey upon electronic transactions. This is why you should
already have strong online security tools and a solid fraud prevention solution
in place. Not to mention verification and authentication at account
establishment to keep out identity thieves. There are some banks with
existing mobile apps that have already started rolling out peer-to-peer payments
and electronic fund transfer functionalities for all of their customers who use
their app. These banks are being receptive to customer feedback and suggestions
to improve user experience.

If you dont have an existing app but are working on getting
one, we want to make sure you take the proper steps to ensure yours and your
customers data isnt compromised in the account establishment or transaction
process. Its not only important to understand exactly where and how sensitive
account data is stored and transmitted but also how to protect that data. In
order to implement features that your customers want you have to make sure your
entire system is secure. Adding extra layers of verification and authentication
will help prevent any imposters from getting in. Dynamic
is a great way to make sure the user is who they say they are. Drivers
license verification
is helpful at account establishment, along with the
OFAC watch list screening. Along with those solutions, EVS can also help make
sure the date of birth, social security number and drivers license all match
and accurately verify a user.

So, before you start implementing new features, remember
that the inability to adapt to mobile payments can put your company at a
disadvantage but implementation of new features can create new security risks
and vulnerabilities within your system. Properly secure your data and help your
customers bankmore confidently.

[Contributed by EVS Marketing]

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