Feb. 13 - 41st Parameter, the global leader in fraud detection and prevention, warns that financial institutions are facing serious vulnerabilities as the usage of mobile banking skyrockets. To educate the industry, 41st Parameter has published a whitepaper that looks at adoption trends, threats and potential solutions to help mitigate the mobile risk to consumers and institutions alike.
Mobile banking and m-commerce have gained massive global traction over the past three years, with almost 600M people expected to use mobile banking services in 2013, up from 185M in 2011. With so many devices from smartphones to tablets to PCs, so many transactions and growing consumer demand for mobile banking, it's easy to understand why this is a major focus for many financial institutions.
Consumers have become increasingly comfortable using their mobile devices for financial transactions such as checking balances, transferring funds, making deposits and even opening new accounts. Unfortunately, in the arms race to release more and more feature-rich mobile applications, security has sometimes suffered.
"Financial institutions are under tremendous pressure to provide robust services through the mobile channel, but these increased consumer offerings require sophisticated fraud prevention solutions to combat the growing number of security threats," said Ori Eisen, founder, chairman and chief innovation officer of 41st Parameter. "From malware to rogue remote deposit capture to mobile Web and app based attacks, incorporating device intelligence into a multi-layered security strategy is the only way to mitigate mobile fraud risk."
To help financial institutions understand and make sense of the rapidly changing mobile environment they must operate in, the company has published its new whitepaper, "Mobile Banking: Fraud Risks and Solutions." The whitepaper can be downloaded at http://www.the41st.com/buzz/resources.
About 41st Parameter
In a world where people are increasingly reliant on a variety of Internet-connected devices for everything from banking to shopping to entertainment and media, creating relevant customer experiences and preventing online fraud are constant business challenges. 41st Parameter, the global leader in device recognition and intelligence, combines patented technologies and years of expertise to identify devices without cookies, without compromising privacy and without impacting performance. AdTruth, the digital media division, gives marketers a better way to recognize and reach their most valuable audiences across all types of devices. The company's FraudNet platform protects businesses from fraud before it happens. These privacy compliant solutions help keep the Internet more secure and relevant for everyone.