Mobile devices are quickly becoming the technology of choice for users’ online needs, including web browsing, shopping and even banking. In fact, BGR, a leading online publisher of news and commentary in the mobile and consumer electronics niche and America’s #1 source of breaking mobile news, reports that in October of 2016, more users accessed the web via a mobile device than desktops or notebooks.
To stay competitive, your financial institution needs a strong mobile web presence where users can seamlessly and securely access their accounts from their smartphones anytime, anywhere. However, with this change comes the inevitable conversation about security. Mobile security is quite different and often more difficult than traditional security, especially against today’s ever-sophisticated cyber criminals.
Is your financial institution on top of mobile security?
Are You Monitoring Activity and Behavior?
Traditionally, consumer banking behaviors are fairly consistent. It’s crucial to have technology in place that monitors customer activity that will also alert you to abnormal behavior.
Your institution should track activity and have processes in place that identify access from foreign countries or unusual devices. A sudden increase in erroneous login attempts or a number of online transfers to an unknown account are red flags that someone is trying to access your customers’ data. Without proactive measures in place to identify this behavior, you may be exchanging mobile convenience for potential risks.
Do You Have Access to Daily Reports that Highlight Accounts of Greatest Concern?
Intelligent hackers will often manipulate the system, taking things slow and learning how to access accounts over time. In these instances, you may not notice small changes from day to day, but when you employ a high-quality fraud monitoring program, analytics from the data will help identify suspect patterns.
Mobile Security Solutions
SENTRY: Detect can review mobile deposits, utilize account information on a historical basis, establish a baseline of normal activity within each account, and look for anomalies. At this point, your team can review alerts and act accordingly.
At SQN Banking Systems, we take mobile security seriously. Contact our team today to learn more about security solutions that will work for your financial institution.