mobile banking security Archives

Mobile banking fraud detected in seconds with new Microsoft AI solution

09/07/201809/06/2018 Jennifer Goula

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…

QR codes authenticate online banking transactions at Rabobank

09/23/201409/20/2014 Jesse Collins

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,…

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

08/21/201408/19/2014 Jennifer Goula

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…

Mobile security threats highest in banking malware

08/29/201308/26/2013 Jennifer Goula

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…

Mobile payments security threat will increase in 2013

12/26/201212/26/2012 Jesse Collins

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…