Channels

03:30 PM
Jonathan Camhi
Jonathan Camhi
Slideshows
Connect Directly
Facebook
Twitter
Google+
RSS
E-Mail
50%
50%

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.
Previous
2 of 6
Next


Geolocation

"It [the mobile device] knows where you are at all times," Solour says. Although that may sound a little creepy at first, consumers should feel reassured that the geo-location abilities on their smartphones will make it easier to detect fraud in the future. That geo-location ability is a simple authentication tool that can go a long way in helping to detect fraudulent charges"If you're making a transaction in California and then four hours later there is a transaction in the account originating from Sofia, Bulgaria, the mobile device can be used to alert the customer to this," Solour explains. Although a few years ago customers may have been hesitant about the idea of their bank using the GPS on their phone to track where they are, almost every app on today's smartphones asks for permission to track the customer's whereabouts, and consumers are getting more comfortable with giving that permission.

 

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

Previous
2 of 6
Next
Comment  | 
Print  | 
More Insights
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology Dec. 2, 2014
BS&T's 2014 Elite 8 executives are leading their banks to success, whether it involves leveraging the cloud, modernizing core systems, or transforming into digital enterprises.
Slideshows
Video
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.