Why Mobile Will Be More Secure Than Online Banking

Mobile devices have a number of features - some that are built-in and some that are not - that will help make them more secure against fraud than the online channel.
October 26, 2012

Social Media

Social media, like the cloud, is also not a part of the modern mobile device, but rather an area that could directly affect mobile security. "The byproduct of an interconnected world is openness," Solour says. "Today it is harder than ever to open a fake Facebook account." That means that there is a lot of data about the customer already available to the bank to use in securing their mobile banking. "If you see have a view [of a customer's Facebook profile] and you are calling a specific customer, you can get a whole history of that person," Solour remarks. A lot of the talk surrounding social media in banking is about how to use data form social media for more effective cross-selling and marketing. But Solour suggests that that same customer data from social media can be use to help build a security profile of the customer. For instance, if a foreign transaction shows up in a customer's account the bank can check the customer's Facebook profile for any posts about going on a vacation overseas as they're calling to confirm the transaction with the customer.

[Rise of the Mobile Wallet ]

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