{"id":4711,"date":"2014-09-15T16:09:34","date_gmt":"2014-09-15T16:09:34","guid":{"rendered":"https:\/\/evssolutions.com\/rapid-growth-in-mobile-banking-increases-security-risks\/"},"modified":"2014-09-15T16:09:34","modified_gmt":"2014-09-15T16:09:34","slug":"rapid-growth-in-mobile-banking-increases-security-risks","status":"publish","type":"post","link":"https:\/\/evssolutions.com\/insights\/rapid-growth-in-mobile-banking-increases-security-risks\/","title":{"rendered":"Rapid Growth in Mobile Banking Increases Security Risks"},"content":{"rendered":"

As mobile banking continues to grow in popularity, financial
\ninstitutions and businesses are reassessing the risks that come hand in hand.
\nDespite the new risks, the number of online bankers continues to rise due to
\nthe convenience and sheer number of mobile users. Bank
\nof America<\/a> has reported that mobile bankers have increased by 3 million in
\njust the past 12 months. This now leaves them with a mobile banker base of
\nabout 10 million. Banks have started to implement fraud prevention measures
\ninvolving mobile
\nbanking<\/a>, but have not quite perfected it.<\/p>\n

One of the biggest mistakes that financial
\ninstitutions<\/a> are making in regards to their mobile security, is that they
\nare being reactionary. Banks may create a security strategy that outlines
\nprotocol if personal information is hacked via mobile phone. What they need to
\nbe switching their attention to is not what<\/em>
\nto do if this happens, but how to detect and prevent this from happening.
\nMobile security needs to have a preventive nature that will stop the fraudulent
\nactivity from affecting the user or bank. Financial institutions also need to
\ntake into consideration that even though mobile banking and mobile payments are
\noften connected in one way or another, they are not always one in the same. By
\nmapping out\/predicting the risks at hand, banks can anticipate potential issues
\nand pinpoint any gaps in the security.<\/p>\n

Banks need to invest in outside vendors and in internal
\nefforts to predict and prevent potential mobile fraud. By integrating identity
\nverification and authentication<\/a> as a part of mobile security measures,
\ncompanies will be able to better prevent fraud from being executed. <\/p>\n

<\/span><\/p>\n

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

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

As mobile banking continues to grow in popularity, financial institutions and businesses are reassessing the risks that come hand in hand. Despite the new risks, the number of online bankers continues to rise due to the convenience and sheer number<\/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":[34,37],"tags":[],"class_list":["post-4711","post","type-post","status-publish","format-standard","hentry","category-fraud-prevention","category-security"],"acf":[],"_links":{"self":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts\/4711","targetHints":{"allow":["GET"]}}],"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=4711"}],"version-history":[{"count":0,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts\/4711\/revisions"}],"wp:attachment":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/media?parent=4711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/categories?post=4711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/tags?post=4711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}