Card Not Present Fraud , Enterprise Mobility Management / BYOD

Mobile Payments: Ensuring Security

Fed Reserve's David Lott on the Role Customer Behavior Plays

Mobile payments are more secure than online and card payments, says David Lott, a payments risk expert with the Retail Payments Risk Forum at the Federal Reserve Bank of Atlanta. But how customers use their devices for mobile banking can dramatically affect transactional security and can make even some of the more secure app-based transactions vulnerable to fraud, he says.

See Also: OnDemand | Zero Tolerance: Controlling The Landscape Where You'll Meet Your Adversaries

In this video interview about mobile wallets and emerging fraud, Lott discusses:

  • The role tokenization plays in securing most mobile payments;
  • How banks and credit unions can do more with customer alerts to reduce fraud and risk; and
  • Why behavioral biometrics is finally starting to gain traction.

Lott, a retail payments expert with the Retail Payments Risk Forum of the Federal Reserve Bank of Atlanta, has more than 35 years of experience in the retail banking and payments industries. He works with payments stakeholders in researching payment systems and products, focusing on risks and mitigating strategies. Lott also works with representatives from the Federal Reserve Bank in Boston in facilitating the meetings of the Mobile Payments Industry Workgroup and is a member of the BITS Payment Card Fraud Sub-Group.

About the Author

Tracy Kitten

Tracy Kitten

Director of Global Events Content and Executive Editor, BankInfoSecurity & CUInfoSecurity

Kitten was director of global events content and an executive editor at ISMG. A veteran journalist with more than 20 years' experience, she covered the financial sector for 10+ years. Before joining Information Security Media Group in 2010, she covered the financial self-service industry as the senior editor of ATMmarketplace, part of Networld Media. Kitten has been a regular speaker at domestic and international conferences, and was the keynote at ATMIA's U.S. and Canadian conferences in 2009. She has been quoted by, ABC News, and MSN Money.

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