There's been recent news discussing the vulnerabilities of wireless apps for the banking industry and how they could impact users. As the number of Americans regularly using mobile banking services continues to grow, security concerns will grow along with them.
The challenges for banks to consider are all of the potential vulnerabilities in their implementation to better mitigate risks effectively while managing the delicate balance between extra layers of security vs. user experience.
Here are a few recommendations we suggest bank and financial institutions may want to consider:
- Deploy strong or two-factor authentication that goes beyond the traditional username and password. If username and password are compromised, the fraudster still needs the second factor to gain access to an account. With our VIP mobile SDK, banks can enable a silent user experience for a second factor of authentication allowing greater security without negative...