The banking industry has never seen such a fundamental change as mobile banking. Globally, millions of consumers are already using a wide array of mobile devices to conduct banking - and millions more are expected to go mobile in the coming months.
But with that growth come a whole new set of threats: mobile malware, third-party apps, unsecured Wi-Fi networks, risky consumer behavior. And it does not matter whether an institution uses a proprietary or third-party mobile banking application - the bank owns the risks.
So, how do banking/security leaders mitigate their risks and protect their customers from evolving mobile threats? Join Tom Wills, renowned expert in global mobile trends, for insights into how global banking institutions can navigate the mobile threat landscape, including:
Emerging external threats to mobile banking and payments;
How to influence the riskiest wildcard - user behavior;
Anti-fraud solutions and strategies to thwart mobile attacks and maintain customer trust.
This session is for banking institutions of all sizes, from any global region.
According to Javelin Strategy & Research, mobile banking usage grew 63 percent in 2011, and the adoption rate is expected to swell globally over the next 18 months.
But how prepared are banking institutions to handle this growth - and the corresponding growth of mobile threats?
The mobile threat landscape is ever-evolving, and institutions and consumers alike are wary of the risks. Among today's growing concerns:
Mobile Malware - Trojans, viruses and rootkits migrating from traditional online banking and designed specifically for the mobile marketplace. Researchers see an increase in mobile malware development - in pace with market growth.
Third-Party Apps - Consumers love their smart phone and tablet applications, but often these apps come from third parties with questionable security practices. Or worse, the apps are created by fraudsters and loaded with malware.
Unsecured Wi-Fi - The unsecured wireless network is a toll-free highway for fraudsters to gain access to mobile devices, either to seize control of or gain access to account information.
User Behavior - Consumers are prone to download third-party apps, use unsecured wireless networks, open and click links in SMS text messages and e-mails, and lose their mobile devices. Mobile-use behavior is creating a suite of vulnerabilities, and fraudsters are eager to take advantage.
While mobile banking and payments are still relatively young in the U.S., adoption is more mature in international markets such as Asia, where presenter Tom Wills currently resides. In this session, Wills walks through the attack methods cyberfraudsters are pursuing and offers steps banking institutions can take to reduce their risks. During this presentation, Wills offers insights about:
The latest mobile malware and the technology solutions aimed at stopping it;
Why secure application development matters, and how institutions can provision their risks;
How consumers risky behavior makes them prey for social engineers;
Why consumer privacy is a growing concern, and how to address it;
How institutions can leverage mobile to improve customer trust and loyalty.
Wills is a Fintech architect and strategist specializing in payments, security and digital identity. For more than two decades, he has guided organizations such as Visa, Bank of America, Wells Fargo Bank, UnionBank of the Philippines, VeriFone, Intuit, Richemont, Ping Identity and multiple startups to build and secure their digital platforms. Career highlights of Wills include leading the development, launch and operation of Visa's core transaction fraud management services and VeriFone's digital wallets, merchant e-commerce platforms and payment gateways, as well as secure platform/product design for Visa's prepaid card management system, national mobile payment networks in the Dominican Republic (tPago), Bangladesh (bKash), a Philippines' major credit card issuer and the Manila public transit network. He has also served as a CISO for CrossCheck and Intuit subsidiary PayCycle.com, and as a mentor for StartupBootcamp FinTech and four Asian payment startups. In addition, he is a tenured speaker and media commentator on security in digital transactions. He holds both CISSP and CFE certifications. A resident of Singapore, Tom has also lived and worked in the US, UK, UAE, Philippines and Dominican Republic.