Mobile banking fraud detected in seconds with new Microsoft AI solution

Mobile banking fraud - Microsoft Technology - Microsoft building

Artificial intelligence (AI) tech can flag fraudulent transactions within two seconds. With an increased number of consumers banking on their smartphones, mobile banking fraud is becoming a growing concern. American multi-national tech giant, Microsoft, announced that its Azure AI technology can help with the growing fraud problem by detecting fraudulent transactions within two seconds of it occurring. The SIM Swap attack problem. The vast majority of mobile fraud occurs via a SIM swat attack, according to Microsoft. During this attack, the victim’s mobile number is hacked and cloned, allowing the…

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QR codes authenticate online banking transactions at Rabobank

payment fraudulent qr code

These quick response codes will now be used to boost the data and mobile security it provides. Rabobank has announced that it is enhancing the security that it provides for its online banking experience trough the implementation of Vasco Data Security technology, which uses high definition QR codes for authentication of customers that use their web based services. Central to this effort is the Rabo Scanner, which uses a color display and embedded camera. That device is used for capturing the QR codes that are displayed on the computer screen,…

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Mobile security isn’t good enough for consumers in the US

mobile security

The fears that shoppers have when it comes to using their devices is continuing to hold m-commerce back. According to the results of a recent study, a lack of trust in mobile security is continuing to hold back shopping over m-commerce, but it is also invading on the potential success of banking apps. The research showed that almost half of all consumers in the United States say they would never use mobile payments. Intercede, a digital identity firm showed that its “The Rise of the Identity Centric Economy” study revealed…

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Mobile security threats highest in banking malware

Mobile security payments online retail card

McAfee has released data that shows that these are the largest concerns in the current wireless environment. According to a report that was just released by McAfee Labs, “backdoor” Trojans and banking malware, which steal information from a device without the awareness of the victim, were the greatest threats to smartphone and tablet users during the second quarter of 2013. There were 17,000 new malware strains discovered by McAfee during the second quarter for Android based devices. That represents a growth rate of 35 percent over the number of new…

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Mobile payments security threat will increase in 2013

mobile security for smartphone

Could worries over the safety of use hold back adoption of this technology? As security is one of the main concerns voiced by consumers and is one of the top issues faced by mobile payments providers, the news regarding the growth of threats next year is not entirely welcome. According to a recent study, the more popular the technology becomes, the greater the number of threats. Mobile payments, like online banking, brings financial access and technology together. Though its use has been picking up, it has in no way reached…

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Aluminum foil could be the key to mobile security for NFC-enabled credit cards and smart phones

NFC Security

Mobile commerce is becoming more popular around the world thanks to NFC technology. At this point, mobile payments seem to be inevitable as more companies begin to adopt NFC technology to help facilitate the new form of commerce. Though the concept is gaining momentum, consumers are showing serious concern for the safety of their financial information in relation to mobile payment platforms. NFC technology has enabled consumers to make purchases without making contact with a physical platform. The technology is used in credit cards and some smart phones, making these…

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WiST unveils new sensor technology that could bring more security to mobile commerce and other industries

NFC techology app

As mobile commerce continues to grow in popularity, more technology companies are working to create new security measures for the industry. WiST, a wireless technology firm, has unveiled its latest sensory tracking devices that use NFC technology. The company claims that these new devices could improve the security of a variety of different ventures, including health care services, asset management, and banking. The company says that it could also help stop rhino poaching. WiST sensors are, essentially, NFC tags. As with NFC tags, the WiST sensors can take a variety…

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Cryptomathic creates mobile wallet application that uses cloud computing as a security measure

nfc technology Mobile Security

In the world of mobile commerce, security is a serious issue. Many companies have begun investing and creating mobile applications that make mobile commerce possible. None, however, have been able to make an application that is adequately secure from hacking. Even acclaimed technology company Google has failed to provide a resilient service. Cryptomathic, an electronic security firm, now claims that is has created the first secure mobile wallet platform. The company recently released the application to consumers worldwide. The application, called Cloud Wallet, uses cloud computing as a way to…

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Researchers create technology that can turn a credit card on and off

Mobile security payments online retail card

With news of Google Wallet not being as safe as it should have been, many consumers are expressing concern over adopting mobile commerce. While telecommunications and technology companies are quick to assure consumers that mobile payment applications will be safe in the future, financial institutions are taking these concerns quite seriously. Many credit companies are working to move away from traditional magnetic strips for their payment cards. In an attempt to modernize commerce, these institutions are beginning to adopt NFC technology. They are also looking to researchers from the Pittsburgh…

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Google to suspend prepaid cards for Wallet platform in light of security issues

Google mobile ads

Following news from Zvelo, a security firm, regarding a serious security issues with Google Wallet, Google’s mobile payment platform, Google has announced that it will be suspending the creation of new prepaid cards. The cards are linked to Google Wallet accounts and can be used to purchase goods from locations that are not capable of processing mobile transactions. Google is planning to address the issue and will resume issuing prepaid cards once the security problem has been resolved. The discovery of the flaw, however, may set Google’s plans for domination…

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Smaller banks and credit unions face broadening mobile banking gap

Mobile Banking Industry

The most recent report issued by Javelin Strategy & Research has identified a broadening gap between the adoption rates of mobile banking at smaller banks and credit unions, and that experienced by much larger banks and financial institutions. The data from the research firm showed that among regional and community banks, only 21 percent of consumers are adopting mobile banking. Similarly, only 15 percent of consumers are using mobile banking at credit unions. Comparatively, 37 percent of the customers of very large financial institutions are adopting the behavior. Banking using…

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