Mobile security in the news – Issue #1
Posted on July 20, 2016 by Nevlynn Janssen
When it comes to the future of business, we have already recently considered how the IoT will change banking and what the impact of the predicted 25 billion smartphones and connected devices by 2020 is going to mean for the banking industry and its customers.
Free mobile applications sound like a great bargain, but be aware that if you aren't careful, the price you pay could be significant. While Apple and Google provide some filtering of applications, their requirements are not as strict as you might believe. Most mobile apps are tracking you and gathering information from your device.
New Android Malware Blocks Outgoing Calls To Banks To Keep You From Reporting Or Canceling Suspicious Activity
Online security experts have discovered a new Android malware that blocks outgoing calls to banks to keep customers from complaining about suspicious activity.
Symantec, an American technology company, found the Android.Fakebank.B malware app in October 2013. The app replaces banking apps on a user's device with fraudulent versions, which helps a hacker to track and access a victim's bank details and then conduct fraudulent transactions.
Despite the immediate success of Pokemon Go, its staggered release across countries has led to many UK-based players putting their personal data at risk by downloading fake or malware-laden versions of the app. This situation is a high-profile example of how businesses and app providers need to take app security into their own hands, rather than relying on the behaviour of their users.
Innovation has become the key for banking to offer customers an enriching experience. GCC banks have leveraged on technology to provide such unique experiences.
This has resulted in tremendous growth in the adoption of technology by the GCC banking and financial services sector. However, the growth is...
The process of opening and onboarding a new mobile banking relationship has been a challenge for most financial institutions. The key to success is to make the process as intuitive and easy as possible.
The shortcomings of current mobile strategies are everywhere. Two-thirds of those who try to open and onboard online are unable to complete their applications and only 53% are able to successfully fund their account.
This week, the latest print issue of Bank Director Magazine hits the desks of the financial industry’s most influential leaders. For this particular issue — one that features the tech bets being placed by Greg Carmichael and his team at Fifth Thirds — I asked our editorial team to push beyond the typical hype of emerging technologies in favor of what’s actually building value and transforming business operations. One result: a special FinTech sectio...