We naturally assume banks are safe. But why? From legendary bank robbers: Jesse James or Bonnie & Clyde, banks have always been a target. Today’s bank robbers are cybercriminals. And they are targeting not only the banks but also consumers.
Every couple of months cyber-attacks on banks make the headlines. Be it the Carbanak cybergang’s biggest ever online bank heist, a distributed denial of service attacks on RBS/Natwest or a Polish bank being held to ransom
‘Never trust the browser’ is a mantra that all developers and security experts live by. Of course! In essence it’s an engine designed for remote code execution. What’s there to trust? But, imagine the possibilities if it could be transformed into a secure platform.
Living in a hostile world
Cyber attackers are constantly looking for, and finding, security weaknesses; program errors and other flaws in web browsers. Looking back at 2014, they proved to be very successful.
According to Ovum, to support revenue growth banks need to focus on customer experience and production innovation. How can mobile payments help financial institutions re-engage with their consumers? And what role does security play in this?
Paying for something is the last thing anyone wants to do. What if it could be made into an experience – where you have, at least, the feeling of being in control of your finances or even getting rewarded for spending your hard earned cash? Mobile changes the banking experience.
Finally mobile payment is starting to take off. Yet, for it to become a true success story, establishing trust is paramount. The question is, is software security the hero or villain of this story?
How safe is it?
Security and fraud prevention concerns are key drivers in the slow uptake of mobile payments. Can someone else use my smart phone to make purchases?
Identity verification and device based authentication are the cornerstones for any mobile payment transaction.