News & Events - News for January 29, 2010

January 29
2010
Transaction News - Factors Influencing the Industry During 2010

http://www.transactiondirectory.com/docs/January2010TransNews.pdf

Founder, Chairman and Chief Innovation Officer 41st Parameter

1. Remote Deposit

a. In 2010, more banks will allow customers to deposit funds into their accounts using a homemade image/scan of a check or note.
b. This will quickly be exploited forcing those offering the service to consider ways of securing the capability.

2. Mobile Banking

a. I predict the first confirmed fraud via the mobile channel will be reported

b. This will force banks to reconsider how they secure this access point into their enterprise (lack of flash shared objects on smart phones requires new way to authenticate via device characteristics).

3. Cross Channel fraud

a. Using the online channel to gain valuable account information and then executing the crime at the ATM or branch will be exploited even more
b. The lack of visibility and increase speed (fast payments) with which funds are transferred/ available will make this even more attractive to fraud.

4. Sensitive Data Masking

a. The practice of obfuscating check images and other vital records online will be adopted by

leading banks for identity protection and fraud prevention.

5. More Trojans like URLZone will emerge making it BOT detection critical for online banking.