Legal Solutions | USA
An October 2015 report from British market research firm, Juniper Research, estimates that the mobile banking ecosystem exceeds 1 billion users worldwide. By 2020, Juniper forecasts that mobile banking users will double. In the United States alone, a March 2016 Federal Reserve Consumer and Mobile Financial Services report found that 43 percent of all cell phone owners had used mobile banking in the previous 12 months.
Mobile banking is a service that enables clients of an insured depository institution to check their account balances, transfer funds, receive alerts, or pay bills through a smartphone or tablet device. But, mobile apps multiply fraud risk because institutions almost never design these platforms in-house. In the midst of a fintech revolution, primed to make banking a mobile-first or mobile-only platform, banks and regulators must anticipate unprecedented compliance challenges...
What you'll take away:
To ensure you are staying ahead of the curve with mobile banking trends and regulations, access this article to address mobile transaction fraud risks by exploring:
and get instant access to other How-To series articles.