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Are Mobile Payment Apps a Boon for Both Customers & Fraudsters?
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Byurcan
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Byurcan,
User Rank: Author
7/11/2014 | 9:58:44 AM
Fraud
It's a delicate balancing act, as the article states, and consumers also must recognize that they may not always be able to do things like mobile RDC in real-time, as quickly as possible, if it means sacrificing security.
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
7/10/2014 | 1:22:29 PM
Re: Mobile Payment App Risks?
Tracking transaction behavior could play a big role in securing mobile deposits too. Several of the bigger banks have had mobile check deposit for long enough that they should have a good amount of data on how their customers usually use the service. They should know what time of month a customer is most likely to make a mobile deposit, and have an idea of how much it will be for. Anything outside of those normal patterns should go through some extra verification.
KBurger
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KBurger,
User Rank: Author
7/10/2014 | 10:58:37 AM
Mobile Payment App Risks?
Wes, you have summarized the ongoing conundrum banks face -- how to balance the access, convenience, speed and real-time resolution that customers demand with the need for security and control in an environment where fraudsters and criminals are increasingly aggressive and sophisticated. Your recommendations reflect some of what I have heard from other industry figures -- that, if handled (and communicated) correctly, tighter/better security can be a differentiator and an aspect of customer service/engagement. After all, everyone offers mobile check deposit, if you can convey that yours is more secure without sacrificing convenience, that is a competitive advantage.


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