As the adoption of mobile banking rapidly increases, fraudsters are following fast. The media is full of stories about mobile-based fraud attacks, which vary from simple account takeover scenarios using stolen credentials on a mobile browser, to advanced mobile malware which performs automatic unauthorized transactions.
It is the responsibility of the fraud and risk strategy groups to implement the needed controls to allow business growth while simultaneously protecting the organization from the impact of fraud.
This white paper looks at the challenges financial institutions face in the evolving mobile fraud environment and discusses several fraud controls that financial institutions can put into place. The paper further identifies different ways to combat mobile-enhanced fraud with fraud solutions.