Mobile Security Threats for 2013

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Companies in all industries are making their strategic plans for 2013.With Q4 in full swing, planning for the upcoming year can sometimes take second priority leaving important implementations out of the planning. After interviewing Jeff Davis, President & CEO, about planning for 2013 he stressed the importance of having KBA out of wallet authentication as a part of any businesss fraud prevention solutions. The discussion of the threats that lie ahead for online businesses made a natural transition into investigating mobile threats for the new year.

With mobile banking app use up 74% in 2011 and a predicted 60% of mobile bankers adapting mobile wallets in the next year, mobile security is no subject to overlook. In an interview with Javelin Strategy & Researchs, Tom Wills, he states, Institutions should control and secure what they can; and for what they can't control, they should deploy better fraud analytics, authentication and device identification or finger printing. While many companies arent quite ready for biometrics like finger printing and retina scanning, mobile security is a reality that many businesses may not realize is affordable and obtainable. This year, EVS launched a mobile security offering to help protect our clients and their consumers from mobile fraud. As Wills discusses in his interview, companies need to assess and understand their mobile banking and payment risks.

Often times, both business and customers can overlook mobile security risks due to being blinded by the excitement of this new technology. While its vital to stay ahead of the curve of technology, it is also equally vital that both parties understand the dangers. Education is the first step to stopping mobile fraud as more businesses move into the hands of their customers. As an essential part of any strategic 2013 plans, companies should assess, understand, and implement resources towards safer mobile business.

[Contributed by EVS Marketing]