In its third quarter 2016 earnings report, Bank of America said that 20 percent of its total sales were digital and 27 percent of those sales were over mobile devices. The bank reported that it now has over 21 million mobile customers. And similar growth is being seen across the banking industry, so there’s no doubt that the mobile channel is a strong contributor to bank growth.
As the proverb says, however, “You have to take the bad with the good.” And in this case, the downside is a dramatic increase in fraud attacks designed to exploit vulnerabilities in the mobile channel and a wave of new mobile banking customer targets.
Mobile banking makes a lot of sense: customers can do their banking wherever and whenever. They can scan statements from their dining room table, without having to leave the comfort of their own home. They don’t have to make use of the bank’s website or their laptop. This is why more banking has been moving to mobile apps. The Federal Reserve reports that more than half of Millennials use mobile banking, and overall usage is close to half among all ages.
For more on this story visit the following link: The Holy Grail Of Mobile Channel Security Is Here
Source: Business Computing World