Javelin’s 2011 Mobile Security Report Evaluates Mobile Banking Security By Channel and Offers a Checklist of Solutions
San Francisco, CA, December 16, 2011 – Javelin Strategy & Research’s latest Mobile Banking Security report evaluates the specific security issues mobile bankers face when using three mobile banking channels: web browser, application, and SMS texting. With 44% of banking consumers, the mobile browser is the most widely used of the three channels and is perceived by the consumer to be the most secure. Mobile bankers with smartphones view the browser as an extension of online banking. However, banking using a downloaded app is the second most widely used channel and actually the safest for mobile bankers, with 25% of consumers using this channel. This channel is. App banking has the potential to replace online banking altogether and serve as the consumer’s primary access to the FI.
SMS banking, used by 19% of mobile bakers, is declining in popularity and is the least secure channel. Consumers are using both their smartphones and feature phones primarily to check account balances and receive text message alerts.
“Like the great land rush, some FIs are hurrying in to carve out their territory in the...
Javelin’s Top Ten Trend Report Spotlights Changes Expected in 2012 in Banking, Payments, Mobile, and Security
San Francisco, CA, December 15, 2011 –Javelin Strategy & Research’s latest report identifies and evaluates the leading trends that will transform banking, payments, mobile and security in 2012. These trends highlight a rapidly evolving arena in which tools like mobile and social media, events like social protest, and even the actions of government regulators have a hand in guiding change. Key trends identified by Javelin include:
Visa makes its EMV push, and issuers and merchants must contend with security, liability, and infrastructure repercussions. EMV offers protection against card present fraud, but requires a complete overhaul of POS payments technology infrastructure. Stakeholders must still address card-not-present (CNP) fraud, with merchants potentially assuming liability. New competing technologies offer similar security for both card present and CNP transactions and still work within the existing payments infrastructure, while the up and coming near-field communication (NFC) for contactless transactions utilizes the same terminals as EMV.
“It’s decision time for issuers and merchants as to whether and how they will support EMV or modified magnetic stripe technology,” said
Javelin’s Seventh Annual Banking Identity Safety Scorecard Highlights Trends, Crowns Bank of America, Citibank, Navy Federal Credit Union, Huntington, U.S. Bank as Winners
San Francisco, CA, December 6, 2011 – Javelin Strategy & Research’s latest banking identity safety scorecard found financial institutions (FIs) aren’t keeping up with growing security demands. As fraud is growing more troublesome, Javelin has had to strengthen the criteria it uses to evaluate FIs and found that prevention, detection, and resolution scores have all eroded. Most importantly, prevention - which offers the greatest ROI to both consumers and FIs - has fallen precipitously, from 2009 with 79% of FIs meeting Javelin’s criteria to only 54% of FIs in 2011. To improve prevention capabilities, Javelin recommends that FIs prioritize authentication and diversify their authentication offerings.
A key form of lapses in authentication stem from using partial or full social security numbers (SSN), which have become synonymous with the consumer’s identity. None of the FIs included in this scorecard prohibited the use of SSN for phone, mail or Internet authentication. Instead they focused other areas of increasing authentication security measures such as 40% of FIs provided...