Tagged mobile banking

Three Financial Threat Trends and Projections for 2014, and How You Can Protect Yourself

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crystal-ballAt the end of 2013, our CTO Dan Ingevaldson made some predictions about how fraud trends would look in 2014. Now that the year is almost one-quarter over, we can already see how the highly dynamic risk landscape has confirmed some of Dan’s worst fears and then some, in addition to providing new threats appearing through novel attack vectors.

Here is a list of some fraud trends we are seeing that are currently impacting electronic transactions in a big way, and that we expect to see continue throughout the rest of 2014:

Kickstarter for Advanced Mobile Malware - New Carrier Policy Will Drive Malware Innovation

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ImageLate last year, AT&T, Sprint and T-Mobile together announced that they will no longer offer or support Premium SMS services (with Verizon following shortly after).  Premium SMS supports things like ordering ring-tones, checking horoscopes and all sorts of other things I have never done.  It also supports legions of spammers, shady SMS aggregators and 3rd parties who try to bill people a few dollars here and there and hope they get away with it.  This service has been around for a long time and carriers love(d) it because they received a cut of each transaction. Lookout did a great blog post on how the whole process works (https://blog.lookout.com/blog/2012/10/03/avoid-premium-sms-scams/).

How Do You Stop Mobile Banking Fraud? Addressing Key Security Issues in Mobile Banking

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Mobile banking presents an attractive way for banks to improve their relationships with their customer, serving them wherever they go. But with major security breaches and fraud incidents making headlines, financial institutions are taking steps to address the growing problems of advanced persistent threats and fraud in online and mobile banking channel. Read more