This Week in Business Banking – November 22, 2013
This week saw worrisome security issues for banks through malware, an upcoming pop quiz on cybersecurity, the launch of photo bill pay, and an informative lecture on the mobile payments opportunity for businesses.
Denver’s FirstBank Competes with Homegrown Technology
FirstBank will soon become the first regional U.S. bank to launch mobile photo bill pay — in other words, it will let customers pay bills and add payees by snapping a picture of an invoice with their smartphones. (via American Banker)
A low-profile strain of malware — recently discovered on a Russian cybercrime forum — could spell big trouble for bank customers and financial services companies alike, says computer security company Trusteer. (via American Banker)
About 200 banks next month will be required to participate in a cybersecurity test conducted by the New York State Department of Financial Services, according to the Wall Street Journal. (via American Banker)
As new technology innovations and capabilities impact the traditional products and services available within the banking industry, online and mobile banking fraud and account takeover attacks continue to serve as two of the fastest growing forms of fraud for financial institutions each year. In fact, according to recent survey results from the Financial Services Information Sharing and Analysis Center, the total number of reported account takeover attempts has more than tripled since 2009. (via Payments Source)
Bank Leaders, Are You Targeting The Medical Industry?
More and more banks are developing vertical markets in the medical industry and classifying themselves as a medical bank. However, some banks have not covered the bases on HIPAA and HITECH with what I call the “base rule”: people, products and processes. (via Bank Innovation)
The Mobile Money Opportunity – A Viewpoint from the Monitise Chairman
Monitise Chairman Peter Ayliffe recently delivered a lecture in the UK entitled “The Leadership Challenge of Growing Businesses in the Digital Age.” As part of his presentation, Peter spoke about how smartphones are opening up opportunities for all businesses. (via Bank Innovation)
It’s no longer a question of when and how mobile will emerge as a payments platform. The habit of paying for things on smartphones is already ingrained in the modern consumer society, particularly among young consumers. The way digital payments companies like PayPal helped usher in the PC-based e-commerce explosion, mobile-focused companies are exploring how to make mobile transactions easier, for both shoppers and merchants. (via Business Insider)
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