Training

Electronic / Mobile Payments Fraud , Fraud Management & Cybercrime

Mobile Deposits & Fraud: Managing the Risk

Mobile Deposits & Fraud: Managing the Risk

Mobile banking adoption is growing and mobile malware threats are growing as well. With as much as 40 percent banking being done on the mobile channel, understanding the threats and securing the experience are key to reaping operational savings and customer satisfaction. This webinar will review:

  • Emerging and active threats to mobile banking;
  • Impact on banking institutions and customer satisfaction;
  • Best practices and technology for mitigating mobile banking risks;
  • Financial rewards of getting mobile banking right.

Background

Mobile banking technology is the fastest growing delivery channel and may be one of the best retention tools available to banks-a differentiator. Mobile banking customers are 53 percent less likely to leave; and if customers use both mobile banking and bill pay the retention rate increases to 82 percent.

Mobile banking growth is driven by several factors, including customer convenience and operational cost savings for the financial institution. The cost of processing a transaction via mobile phone can be as much as 10 times lower than via ATM, and as much as 50 times lower than via physical branch. Mobile deposits are especially cost-effective. JP Morgan Chase & Company recently said mobile check deposits cost the bank three cents per transaction, versus 65 cents for deposits made with a teller. The financial rewards and customer convenience are substantial, but the potential that mobile banking customers might access a banking network with a rooted device is one of many risks. As with PCs, vulnerabilities in software installed on mobile devices can give malware an avenue to take control.

Despite this growth the challenge banks face is increasing the security of mobile banking to reduce the number of people who will not use mobile banking due to security concerns-48 percent. However, increasing mobile banking app security is attainable, and the retention and operational cost savings should make it a priority.

This webinar looks at the risk/reward ratio as it exists today - as this is still a highly dynamic and fast moving area - and how new security technology from Webroot can help financial institutions become more adept and efficient at managing their app risk/reward calculations.

  • App-based mobile banking is now the fastest growing delivery channel and offer banks huge operational savings over branches and ATMs;
  • The high risk behaviors of mobile device users exposes banks to an extensive variety and amount of malware, malicious apps, and data leakage;
  • Mobile banking app security is key to managing the risk and reaping the rewards of customer adoption and retention, and fraud reduction.

Webinar Registration

This webinar is available OnDemand.

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