Mobile Banking Security for Peer-to-Peer Transfer Apps

  • Phone Verification

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 KBA 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]