Authored by Guy Fries.

The Mobile Banking Challenge

Mobile banking is growing exponentially, and with that growth comes increased threats and attacks by cybercriminals. As traditional online banking has become more secure, fraudsters have moved to the mobile channel to access banking information.

In addition, a financial institution’s customers may unwittingly help criminals gain access to valuable data by connecting to unknown networks, downloading malicious apps and clicking on SMS messages that leave devices vulnerable.

The Solution: Device Analytics

Financial institutions can protect their mobile banking customers from cyberattacks by adding another layer of security before customers log into their accounts from a mobile device.

Device analytics work behind the scenes to assess devices for risk before customers access their mobile banking application, protecting the financial institution — and the customer — from cybercriminals.

Although the technology is complex, the process is simple for customers: When they launch their mobile banking app on their device, it is immediately assessed against eight factors to determine whether the device is at high risk of having been hacked. If the device is secure, customers can log in as usual and continue banking. But if their device is viewed as risky, they will need to provide additional verification or be denied access to the mobile app.

How First Data Mobile Banking Is Reducing Mobile Threats

In order to provide a safe and secure mobile banking experience, First Data Mobile is enhancing their mBanking application to include security device analytics. This solution will provide peace of mind to mobile banking users and help financial institutions increase their mobile banking adoption rates.

First Data Mobile provides an industry-leading mobile banking application to over 400 financial institutions in the U.S. banking sector. With mobile banking becoming the dominant channel for customers to access their financial institution and security concerns being the No. 1 inhibitor for customer adoption, these tools are more important than ever before.

First Data Mobile provides banks with a mobile banking application with security features and alerts to ensure safe and secure mobile banking sessions and increase customer trust and adoption. Learn how First Data Mobile provides device analytics risk scores to the financial institutions, enabling them to allow, limit or deny access of mobile transactions based on the risk scores provided by IBM Trusteer.

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