{"id":4565,"date":"2013-12-06T21:32:00","date_gmt":"2013-12-06T21:32:00","guid":{"rendered":"https:\/\/evssolutions.com\/mobile-banking-security-for-peer-to-peer-transfer-apps\/"},"modified":"2013-12-06T21:32:00","modified_gmt":"2013-12-06T21:32:00","slug":"mobile-banking-security-for-peer-to-peer-transfer-apps","status":"publish","type":"post","link":"https:\/\/evssolutions.com\/insights\/mobile-banking-security-for-peer-to-peer-transfer-apps\/","title":{"rendered":"Mobile Banking Security for Peer-to-Peer Transfer Apps"},"content":{"rendered":"

<\/p>\n

With 2014 quickly approaching and the rapid growth in mobile
\nbanking offerings, its inevitable that consumers will expect their banks and
\nfinancial institutions to provide a mobile banking application for them to use
\non the go. More consumers are becoming mobile-savvy with growing expectations
\nof the functionalities they want their smartphones to provide. These expectations
\nmost certainly include mobile banking and easy money transfers. Customers
\nwant to have the ability to send money to friends and family who dont have an
\naccount with their bank. The ease and convenience of peer-to-peer transfers is
\nbecoming essential to customer satisfaction. <\/span>Providing these functionalities will help customers be in
\nbetter control of managing their finances and feel confident about doing so.<\/p>\n

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

If you dont have an existing app but are working on getting
\none, we want to make sure you take the proper steps to ensure yours and your
\ncustomers data isnt compromised in the account establishment or transaction
\nprocess. Its not only important to understand exactly where and how sensitive
\naccount data is stored and transmitted but also how to protect that data. In
\norder to implement features that your customers want you have to make sure your
\nentire system is secure. Adding extra layers of verification and authentication
\nwill help prevent any imposters from getting in.
Dynamic
\nKBA<\/a> is a great way to make sure the user is who they say they are.
Drivers
\nlicense verification<\/a> is helpful at account establishment, along with the
\nOFAC watch list screening. Along with those solutions, EVS can also help make
\nsure the date of birth, social security number and drivers license all match
\nand accurately verify a user.<\/p>\n

So, before you start implementing new features, remember
\nthat the inability to adapt to mobile payments can put your company at a
\ndisadvantage but implementation of new features can create new security risks
\nand vulnerabilities within your system. Properly secure your data and help your
\ncustomers bank<\/span>more confidently.<\/p>\n<\/p>\n

[Contributed by EVS Marketing]<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

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<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts\/4565"}],"collection":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/comments?post=4565"}],"version-history":[{"count":0,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts\/4565\/revisions"}],"wp:attachment":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/media?parent=4565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/categories?post=4565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/tags?post=4565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}