"Organizations are putting in layers of security and tools to safeguard information and assets, however, the fraudsters are attacking our weakest link, the consumer," says Anthony Vitale of Patelco Credit Union.
"With a company-issued device, you can issue a policy that says users have no rights of privacy over information on the device," says Javelin's Tom Wills. But with employee-owned devices? A whole new set of issues.
The threat landscape has evolved, and India's banking institutions must grow their information security strategies, says Anand Naik of Symantec, which just released a report that offers a new security agenda to institutions.
Elayne Starkey recently gave up her BlackBerry for an iPhone, and uses the Apple mobile device for personal and work doings, securely connecting to the computer system of her employer, the state of Delaware.
Successful wire fraud attacks cause losses averaging between $100,000 to 200,000 per victim. So, it's not surprising that banks are being sued by business customers for alleged failures to prevent fraud via ACH.
As smartphone usage grows, so do emerging threats of mobile malware. When it comes to mobile banking security, financial institutions can only do so much. Security solutions will have to come from mobile vendors, says ENISA's Giles Hogben.