Tag: mobile banking

Paytm mobile payments warned told that complying to regulations is not “optional”

Jennifer Goula
Mobile payments - Breaking Rules - India

The popular service was found to have failed to comply with the law in India, where it is popular. Popular mobile payments service provider, Paytm Payments Bank, is at the heart of a controversy in India, where it is highly popular. The company has been accused of failing to realize the need to comply with legal regulations. Union minister Rajeev Chandrasekhar said no company can get away with such actions. The union minister was making reference to the Reserve Bank of India’s regulatory action on the mobile payments and financial…

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Mobile banking facial recognition tech implemented by Singapore’s OCBC Bank

John Montgallo
Mobile banking facial recognition - Man with iPhone and backpack

OCBC Bank allows Malaysian customers to use facial biometric technology for authentication. Oversea-Chinese Banking Corporation Limited (OCBC Bank), has launched OCBC OneLook, a new mobile banking facial recognition service. By simply looking at their mobile device, customers of the Singapore-based bank can access their account balances and transactional activities. The new service can be accessed by iPhone X users. Presently, the mobile banking facial recognition service introduced by OCBC Bank, can be utilized by Apple users who have an iPhone X, iPhone XS, XS Max, and XR models. Customers who…

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New Bank of America mobile banking features give clients instant one-touch access

Stephanie Beck
Bank of America mobile banking - banking, economy, mobile phone

The Bank of America has announced a new feature designed to improve the mobile banking experience. The Bank of America mobile banking app will soon offer a feature that enables their mobile clients to switch between its app and the apps of its subsidiaries, without having to re-authenticate. These subsidiaries include Merrill Lynch, Merrill Edge, and U.S. Trust. Mobile banking clients can now manage their banking and investing with greater convenience. Without having to re-authenticate between the mobile apps, it is easier for clients to manage their banking and investing…

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Mobile banking Trojans are an increasing threat in Q2 2018, report

Amanda Giasson
Mobile Banking Trojans - Cybe Attack on mobile

New report from Kaspersky Labs reveals mobile banking app Trojan attacks are at an historic high. Mobile banking Trojans are one of the worst types of mobile malware, as they are designed to steal money directly out of a mobile user’s bank account(s). Now, according to a Kaspersky Lab’s Q2 IT threat evolution report, this form of cyberattack has more than doubled in Q2 2018 compared to Q1 2017. The malware is typically disguised as a legitimate banking app. Trojan attacks are a popular choice among cybercriminals across the globe.…

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Mobile banking apps usage predicted to surpass online banking by 2019

Sam Lambert
Mobile banking apps - Increase in mobile banking over computers

More and more consumers are turning to their smartphones for their banking needs. The CACI reported that 22 million people chose to use mobile banking apps to manage their accounts via their smartphone in 2017. It’s forecasted that by next year (2019), more consumers will choose their phone for banking than their computers. 35 million people are expected to bank via a smartphone app by 2023. In addition to this CACI report prediction, it was said that by 2023, consumers would likely visit a bank branch only twice per year.…

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