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December 9, 2016
/   Insights

Twitter recently turned ten, but more important for the world of payments, it’s been a decade since the UK moved to EMV. The arrival of chip and PIN cards was one of the biggest changes...

Are central banks getting on board with blockchain?

December 5, 2016
/   Insights

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What will the future of digital banking look like?

December 1, 2016
/   Voices

Today there are tens of millions of under-banked and unbanked Americans.  At first glance, this statistic may be surprising, but when you dig into the underlying reasons, it’s not hard to understand why. For...

What opportunities will PSD2 present to FIs?

November 30, 2016
/   Insights

Time is running out for every financial institution (FI) operating in the EU to be compliant with the latest directive governing payments from the body. The Payment Services Directive 2 (PSD2) builds on regulations...

UK pumps cash into fintechs – a sign of the times?

November 24, 2016
/   Insights

Yesterday (November 23rd), all eyes were in UK were on chancellor of the exchequer Philip Hammond as he delivered his first Autumn Statement, setting up the country’s financial priorities for the months ahead. The...

Cause and Effect: If you build it, will they come?

July 23, 2014
/   Spotlight

Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Fast Facts: Student Loans

January 22, 2013
/   Insights

The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services industry. Topics span TARP, Dodd-Frank, insurance, lending, retirement savings and more.  Below are some updated Fast...

Intuit 2020 Report: The Future of Financial Services

April 11, 2011
/   Insights

Today, Intuit released the latest edition of the Intuit 2020 report, Intuit 2020 Report: The Future of Financial Services, which identifies and examines four key trend areas that will  transform the financial services industry...

The Top 10 Trends in the Digital Banking Industry

December 18, 2013
/   Spotlight

2014 is rapidly approaching and as the year wraps, the Digital Insight team has pulled together the top 10 trends in the digital banking industry based on data and trends from studying financial institutions....

Making Banking Fun: Gamification in Financial Services

August 5, 2013
/   Insights

Recently, the Banking.com team sat in on American Banker’s webinar, “Gamification in Financial Services: Five Proven Ways to Get an Edge,” which shared how leading brands in financial services have applied gamification to reach...

Technology M&As: The Beats Go On

May 29, 2014
/   Insights

The ongoing fascination with Apple’s $3 billion purchase of Beats Electronics is entirely understandable, because it’s a cool story. However, it also says a lot about what’s going on between finance and tech.

What We’re Reading

May 5, 2011
/   Spotlight

Below are interesting stories the Banking.com staff has been reading over the past week. What have you been reading? Let us know in the comments section below. Virtual Banking Worlds Provide Tangible Lessons American...

Small Business: Perception vs. Reality

November 21, 2012
/   Insights

In the most recent election cycle, like most others before it, the one sector of the economy that got the most attention was small business.  This is the future, we were told by every...

What We’re Reading: Thanksgiving Edition

November 22, 2012
/   Spotlight

Below are interesting stories the Banking.com staff has been reading over the past week. What have you been reading? Let us know in the comments section below or Tweet @bankingdotcom. Mobile Thursday? Plans for Thanksgiving...

Three Common Misconceptions about Mobile Security

Most people who have a smartphone view it as a lifeline.  Studies show that a person has more anxiety about losing their mobile device than their purse or wallet.  This anxiety even has a name – nomophobia, or “no mobile phone phobia.”

Nomophobia is the fear of being out of mobile phone contact, and in a sense it’s entirely reasonable. Your little device is not just a lifeline to the rest of the world – it’s also a repository of sensitive information that’s valuable to us – our photos, our carefully curated app and music collections, our contacts, details on our birthdays and anniversaries, our daily schedule and more.

It contains the record of our lives—who we’ve communicated with, what we searched for, what we’re interested in, even where we were and now are. For me, my phone even knows my health profile and sleep patterns. It retains every little personal action, and it’s there for retrieval at any moment.

And of course, that little gadget gives us access to almost all of our financial information. The Federal Reserve says half of all Americans with a smartphone are accessing bank accounts using the devices, and one in five has carried out a mobile payment in the last year.

So why is nomophobia so real?  Access to most of our financial records and history is just a click away.  With mobile security at the forefront of the issue, nomophobia now has dollar signs all over it, and that can be a scary thing.

Your mobile device knows so much about you, but is the relationship reciprocal? How much do you really know about your mobile device?  Where has its data been? What has it been doing, and with whom?

It’s no question that losing your mobile device can be nerve-racking.  But, if you would like to get to know more about your mobile device, here are some questions you might ask:

 

  • Do you know where every app on your device came from? Was it a trusted app store?
  • Do you know who the developer was?
  • Do others, such as your kids, have access to your device, and can they download apps?
  • Do you know which networks your devices connect with automatically? Have you made sure they’re secure?
  • Are you using all the security features of your device effectively?
  • Is your password strong?
  • If your device offers biometric authentication, do you take advantage of it?
  • Do you know what data your apps share, and how they do it?

 

As you think about your relationship with your mobile device keep this in mind: Your personal data, voice and camera features, and location-based services—among other features–continuously enable innovation. The data your mobile devices collects leads to greater personalization, which benefits each of us personally. These assets are used to develop new and more creative services. For example, beacons can be used to enhance branch or event- based experiences through mobile engagement.

Fintech players, like Digital Insight, are excited about where this technology can take us, and want customers to engage with confidence and know that their information is safeguarded.

But, you may be surprised to learn that some of what we believe to be true related to mobile security may only be part of the story.

So let’s take a look at three misconceptions and some insights that start to paint a more complete reality:

  1. iOS Apps are generally safer than Android Apps.

Both Apple and Android have the same level of vulnerability when it comes to enterprise apps. Hackers may use social engineering techniques to lure employees to a “pop up” app store.  This store, at quick glance, would look exactly like a company’s real app store.  Employees would be prompted to download an app but are unknowingly downloading a malicious app to their device, regardless of whether the device is jailbroken or not.

And Credit Union Times published an article in April, focused on social engineering based attacks “going corporate”, fraudsters focusing more on businesses and their employees, rather than consumers.

  1. Malware is the biggest threat to mobile security.

The truth is malware isn’t the only threat around.  I recently read about apps that hijack the voice and camera features of a device to record voice and video without you knowing. Creepy.

Without thinking, we give our apps access to all kinds of data, and once that’s out there it can land in the wrong hands.  When we download apps, they sometimes ask us for various levels of permission? Too many of us just hit, “yes”.

So ask yourself, why would something like a flashlight app need access to any of my data, like my location?  It only needs access to the light associated with my camera, right?

Don’t be fooled by the eye candy. For every app you download, check out the developer, check the reviews, pay close attention to the data that’s shared, and how the app safeguards that data.

  1. Big Names Are Safer.

Brand recognition is usually a good indicator, but accessing big brand names may run counter to default protections.  Did you know the Amazon App store is not recognized as a trusted source for non-Kindle/Fire Android devices?  To download an app from the Amazon App store, a user must uncheck a protection mechanism that Google put in place. This disarms a key security layer.  If you then happen to go to another unknown or untrusted source for an app, you would no longer be warned.

In short, this is just another case where the device doesn’t need to be jailbroken or rooted but becomes more susceptible to malicious apps.

 

So what’s the bottom line? The mobile genie is not going back in the bottle, and it shouldn’t. Google just announced that mobile search has officially surpassed desktop search in 10 countries, including the US. This is a great thing—it represents convenience, personalization, instant gratification and a whole lot more. But let’s not forget that there is no free lunch.  The cost of these benefits are that we need to continually educate ourselves on the risks and mitigations.

 

Kristen Bernard is a Senior Director, Product Management at Digital Insight. In this role, Kristen is responsible for leading strategy and product management for Digital Insight’s Retail Banking Solutions across the web and mobile channels, and the Platform Services that power those offerings.

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Voices

Compelling voices and contributed content from around the web

Andy Brown

Andy is marketing director for payments at NCR. He has nearly 30 years' experience in e-payment systems from the delivery and support of systems in the Far East and Europe, from both the product management and marketing perspectives. Based in the UK, Andy is responsible for marketing NCR payment solutions.

Dena Hamilton

Dena is NCR's Director of Enterprise Fraud & Security Software Solutions. She specializes in fraud, risk, compliance and security, with over 35 years of experience in the financial services space. Her focus is the development and deployment of enterprise financial crime solutions optimized in prevention, detection and back office efficiency.

Jan Rees

Jan Rees is a Solution Sales Specialist for NCR's Fractals and Authentic solutions. Jan has 27 years of diverse experience within the cards and payments industry, including technical systems implementation and project management, and managed services operations.

Colin Gordon

Colin Gordon is a SelfServ Marketing Manager and is based at NCR's R&D Center in Dundee, Scotland. Colin is responsible for the marketing of NCR's financial hardware portfolio with a specific focus on Cash Dispense ATMs & financial trends.

Cleopatra Mavredis

Cleopatra is NCR’s Global Marketing Manager for Channel Solutions and has more than 20 years of experience in the ATM industry. NCR’s channel solution portfolio is comprised of APTRA Vision, Inetco Insight and OptiSuite solutions.

Neill Harris

Neill Harris is product marketing director for ATM solutions at NCR. He travels extensively to many of the world's leading banks and financial institutions, articulating how self-service technology and innovation can inform and support strategies and solve challenges.

Andrew Short

Andrew is NCR's Mobile and Payments Solutions Manager. He has 20+ yrs experience in the software industry covering banking, healthcare and the telecommunications verticals. With past positions in finance, accounting, sales, and production management, he brings significant mobile and payment expertise to his current role.

James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.

Brad Strothkamp

http://www.forrester.com/rb/analyst/brad_strothkamp

Ash Shilkin

Ash Shilkin is the founder of ChimpChange

Susan Steele

Susan Steele holds the position of Director of Omnichannel Software Sales. She has over 25 years of experience in the financial services industry. In her role of Director of Omnichannel Software Sales she works with financial institutions to launch new omnichannel software for NCR/Digital Insight. New solutions include products that allow for seamless interaction from digital to physical solutions for FIs, customers or members. Prior to coming back to DI 3 years ago, she had been at Diebold, where she held the position of Portfolio Solution Executive. In this role she leveraged her 20 years of experience in the FI sector to identify trends, both business and technology, and create strategies and solutions for helping FIs meet their end goals and objectives. Susan’s strength is based on the fact that she has been meeting with FIs on a day-to-day basis across a large geography so she has a broad perspective on the challenges facing the industry and solutions that make a positive impact. She also had the opportunity to do public speaking engagements for CUNA Technology conf., CUNA call center conf, Texas Bankers, Louisiana Bankers, Digital Insight Innovation Conf and numerous webinars. The most recent webinar was on millennials and had over 350 attendees. Prior to her position at Diebold , she was regional sales manager, western region for Harland Financial Solutions, now D+H, an enterprise-wide system of financial software solutions. Prior to D+H she was at Digital Insight in the role of Western Region Sales Director, after which she took on the role of National Sales director of lending. Susan resides in Palm Springs, CA.

Natallia Babrovich

Natallia is a Business Analyst at ScienceSoft, a software development and consulting company headquartered in McKinney, Texas. Since 2013, her advanced focus is IT solutions for healthcare and the financial sector, with such projects in her portfolio as reporting for CMS and a care coordination portal. She is also a HIMSS member.

Alastair Hogben

Alastair Hogben is a Senior Software Marketing Manager, responsible for the marketing of NCR's Financial Services enterprise software portfolio with a specific focus on CxBanking and enterprise-enabled applications.

Edward Wade

Edward is a freelance writer from Sheffield. Now living in London, he focuses on business and finance.

Lyan Fernandez

Lyan Fernandez is COO, Chief Risk Officer & Executive Vice President at TotalBank.

Brian Sparker

Brian Sparker is Head of Content Marketing for ReviewTrackers, a review management and customer feedback platform designed to help companies efficiently monitor online reviews, manage brand reputation, and enhance the customer experience in ways that make a positive impact on the bottom line.

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.

Bryan Peddie

Bryan is part of the ATM hardware marketing team at NCR and is based at the company's R&D Center in Dundee.

Charles Whiteman

Charles Whiteman is senior vice president of client services at MotionPoint Corporation, the world’s #1 enterprise localization platform. He may be reached at cwhiteman@motionpoint.com.

John Waupsh

As Chief Innovation Officer of Kasasa®, John Waupsh has helped hundreds of community FIs pull themselves into tomorrow and effectively compete in the new fintech landscape. His new book, Bankruption: How Community Banking Can Survive Fintech, is a survival guide for community banks and credit unions searching for relevance amidst immense global competition and fintech startups. Visit waupsh.com for more information.