Taking the Proper Steps for Secure Mobile Banking

  • Fraud Prevention

Attacks on banking and lending institutions are expected to increase with the expansion of mobile banking services. By 2015, its predicted that one in five US adults will be using mobile banking. As the number of consumers relying on mobile banking rises and those consumers keep personal data on their mobile phones, cyber criminals gain the ability to gain control of those devices and take over mobile banking accounts. Thus as the demand for mobile banking services rise, so does the need to create secure systems and fraud prevention tools for individual accounts.

Its important to know, as part of the banking industry, that if you dont provide services such as mobile banking you take the risk of losing clients to competitors who do provide it. Mobile banking performs the same tasks as traditional banking at a convenience to both the user and company. While your customers are processing transactions, transferring funds, or retrieving and resetting account credentials, its up to your company to comply with federal regulations and perform due diligence so their information is not compromised.

There are many ID verification and authentication solutions to ensure your clients information stays safe. EVS can help you avoid high-risk transactions and generate individual fraud scores. Having the correct strategy in place for fraud prevention will save you time and money.

[Contributed by EVS Marketing]