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....

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...

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...

Nearly 60 percent of smartphone owners have used their device to bank online, according to new data collected by the Pew Research Center.  Small-business owners can leverage on-the-go banking or cloud-based accounting systems that can be accessed on a mobile device to gain operational efficiencies and lower overhead costs, but the need to keep financial information secure is as critical as ever. Here are six mobile money tips to remember:

Confirm your Wi-Fi connection before you access data.  Wi-Fi hotspots that are available in public places like airports, coffee shops, and parks make it convenient to tend to business money matters when you’re on the go — but not all Wi-Fi connections are secure. Avoid accessing your personal or business financial accounts through any connection other than a private, password-protected Wi-Fi.  If you accept mobile payments from customers at off-site events like trade shows, festivals or farmer’s markets, choose a mobile payment provider that offers an “offline” mode. With it, you can postpone processing the customer’s payment until you’re able to access a private Wi-Fi connection you trust.

Don’t assume that your mobile browser is secure. Cloud-based accounting systems can be accessed on your mobile device to ensure that you remain timely in managing important financial tasks like payroll and tax obligations, but you must take precautions to keep your business data secure. Confirm that the website in your mobile browser begins with the https:// designation before signing in. Check periodically to confirm it hasn’t “timed out,” particularly if you use the site for several minutes, or become interrupted midway through a transaction.

Remote deposits can save you money. Many financial institutions now offer account holders the option to deposit checks electronically, using the bank or credit union’s secure mobile app in tandem with the camera feature on a smartphone or tablet. Though the service can eliminate the time and fuel costs associated with driving to a bank to deposit checks, remember that all checks contain sensitive account information. Update passwords to gain entrance into your mobile device and its apps regularly to ensure that such data isn’t easily obtained if your phone is lost or stolen.

Treat your mobile device like a computer. Convenient as mobile money management may be, a mobile device is essentially a tiny computer that travels in your pocket. The level of security it offers is contingent on the preventative measures you take to protect it from malware and cybercriminals. Install the latest versions of your mobile device’s operating system software as soon as it’s released for download (despite the amount of time it takes to install, or the inconvenience it presents to your business day). Remember that while some software updates are made to enhance non-essential features like speed, functionality and usability, they often include “patches” to safeguard vulnerabilities detected in the software.

Open email cautiously. In 2014, MarketingLand reported that more than 65 percent of emails are opened on a mobile device. A crowded email inbox makes it all too easy to mistakenly open emails fraudulently sent by cybercriminals posing as the vendors and financial institutions with whom you commonly communicate. Be mindful of clicking on any links in emails that you check on your mobile device, which may contain mobile malware.

Plan for a lost device.  In an age where consumers rely on mobile devices for most of their waking hours, it’s easy to forget how fast your device could be out of reach. Yet, the portability that makes smartphones and tablets so attractive can inherently increase your business’s risk. Plan for how you will respond if you or a member of your staff who uses his/her device for business loses it. Invest in reputable apps that allow you to disable the device immediately from off-site locations, and change account passwords and account numbers that may be accessible from your mobile browser.

Mobile devices make it easy to manage your money at any time and from any location, but you can’t let your guard down entirely. Keep your device as secure as you would a laptop, and be aware of your surroundings (physically and virtually) when you input and access sensitive account information.

Kristen Gramigna, Chief Marketing Officer for BluePay, has more than 20 years experience in the bankcard industry in direct sales, sales management and marketing.

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Compelling voices and contributed content from around the web

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.

Brad Strothkamp

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

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.

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.