Attacks on banking and lending institutions are expected to
increase with the expansion of mobile
banking services. By 2015, its predicted that one in five US adults will
be using mobile banking. As the number of consumers relying on mobile
banking rises and those consumers keep personal data on their mobile
phones, cyber criminals gain the ability to gain control of those devices and take
over mobile banking accounts. Thus as the demand for mobile banking services
rise, so does the need to create secure systems and fraud prevention
tools for individual accounts.
Its important to know, as part of the banking industry, that
if you dont provide services such as mobile banking you take the risk of
losing clients to competitors who do provide it. Mobile banking performs the same
tasks as traditional banking at a convenience to both the user and company.
While your customers are processing transactions, transferring funds, or
retrieving and resetting account credentials, its up to your company to comply
with federal regulations and perform due diligence so their information is not
compromised.
There are many ID
verification and authentication solutions to ensure your clients
information stays safe. EVS can
help you avoid high-risk transactions and generate individual fraud scores. Having
the correct strategy in place for fraud prevention will save you time and
money.
[Contributed by EVS Marketing]
