FICO fraud chief discusses mobile banking fraud on Bank Info Security

Bank Info Security has published a bylined article on mobile banking fraud by FICO fraud chief and blog author Mike Urban. In the article, Mike discusses points of vulnerability, as well as security and detection measures. Here's an excerpt:

For today's retail banks, mobile banking is seen as table stakes, and new functionality like remote deposit capture is continuously being integrated.

But as mobile banking grows, so, too, does the potential for fraud.

A study by Trusteer in early 2011 showed that mobile users are three times more vulnerable to phishing attacks, and a Juniper Networks study published this May shows that instances of malware on Android phones grew 400 percent between summer 2010 and spring 2011. Both banks and consumers need to understand how to detect and prevent fraud so that malware attacks don't grow at the same rate, or exceed the rate, of mobile banking adoption.