Tag: mobile banking

Mobile security issues are still threatening smartphone banking

Trojans and other threats continue to be a serious concern when it comes to money matters over cell phones.

Kaspersky Lab, the online and mobile security company, has now released its most recent quarterly report on its analysis of the evolution of threats that consumers were facing during the third quarter of 2015.

The analysis involved the detection of more than 300,000 new mobile malware programs.

That considerable figure represented an increase of 10.8 percent over the number of threatening mobile security programs that were detected in the second quarter. The primary technique that was used in order to profit from the mobile threats was the display of intrusive ads to consumers on their smartphones and tablets. Adware has seen a growing trend over the mobile channel and in this most recent report, it represented over half of all threats that were detected for these devices during the third quarter.

The report also described the different types of mobile security attack methods most commonly used.

Mobile Security - Mobile BankingFor instance, some types of mobile cyber attack involve the use of super-user privileges (that is, root access) in order to hide the fact that they are present within the systems folder. This makes them much tougher to spot and overcome. At the same time, the report noted that the number of SMS Trojans have been falling. In fact, during the third quarter, they made up only 6.2 percent of the threats that were detected.

Though mobile banking threats had seen somewhat of a reduction, they remain a serious concern. During the second quarter, there had been 5.9 million notifications, whereas the third quarter saw 5.68 million notifications. The decrease was definitely there, but at the same time, it was not great enough to be able to say that the problem is any less serious.

Kaspersky Lab Solutions reported blocking nearly 636,000 attempts to launch types of mobile security threats such as malware that would be able to steal money by way of the device user’s online banking. That figure was 17.2 percent smaller than it had been the quarter beforehand. Mobile banking Trojans were most likely to occur in Austria.

Mobile payments deal reached in Thailand with VocaLink

The company from the U.K. has now connected itself with the interbank payments network in the Asia Pacific Country

VocaLink, from the United Kingdom, has now signed an exclusive letter of intent with Thailand’s interbank payments network operator, National ITMX, in order to look into the development of a mobile payments system that would function over real time within the APAC nation.

VocaLink is the company behind the operation of the Faster Payments rails in the U.K., among other projects.

Under the Zapp brand, the company will also be launching a national “Pay by bank” mobile payments app in the U.K., with the support of that country’s banks. The architecture for the Faster Payments system has already been implemented in Singapore, where it is the foundation for the Fast payments service in that country. Now, VocaLink will collaborate with NITMX in order to offer real time smartphone transaction services to merchants, banks, and consumers, built on an instant payment capability platform based on the ISO20022 standard.

National ITMX selected VocaLink as a mobile payments partner due to its strong and extensive history.

thailand mobile paymentsThe managing director of National ITMX, Wanna Notarbhorn, explained that “We chose VocaLink as a key partner because of their proven track record in the delivery of both the UK Faster Payments Service and Singapore’s ISO20022 FAST real-time payments systems. We believe they are best placed to help us identify options for delivering efficient and reliable mobile payments services in Thailand.”

From the time of the Faster Payments program launch in the United Kingdom in 2008, the system has processed more than 4 billion secure transactions. The VocaLink managing director of strategy, products, marketing and business development, Paul Stoddard, stated that this experience in the United Kingdom is a direct reflection of the benefits offered through real time tech throughout the payments sector and into the broader economy.

The mobile payments partnership between the two companies was first announced in Singapore at the international Sibos conference. That event placed smartphone based transactions under an important spotlight when it came to worldwide introduction and adoption by businesses and consumers alike.