This week’s must-reads begin with a big-picture look at what the financial services industry is – and isn’t – doing to meet consumers’ technology needs. Also up: new malware of the week, fraud losses on debit vs. credit, a nifty idea for making disputes easier, and a potential boost for digital identity. Read on:
TOP READ: Consumers Believe Banks Lag Behind Fintech
“Sixty percent of Americans believe banks are failing to keep up with their needs in today’s connected world, and nearly as many (57 percent) believe traditional financial institutions, as we know them, will cease to exist within their lifetime, according to research from Blumberg Capital.”
Android Malware Targets Bank and Social Media Apps
Be on the lookout for new Android malware that can steal the login creditials from 94 different mobile banking apps. The malware imitates a Flash Player app and uses a fake Google Play screen to solicit permissions from the user.
Fraud Losses Rising on Debit, Falling on Credit
First Annapolis’ semi-annual survey of major card issuers found that fraud levels are rising across all payment card products, but changes in fraud write-offs vary by product.
Citi Card Users Can Now Dispute Charges on App
Users of Citi credit cards can now dispute posted charges from merchants within the bank’s iPhone app. This is a U.S. first.
Early Warning and NuData Security Work to Improve Digital Identity Confidence
“Early Warning, the industry leader in real-time payments, authentication and risk mitigation and NuData Security, an award winning behavioral analytics company, today revealed a strategic alliance that will allow Early Warning to utilize behavioral analytics and risk decisioning as part of the company’s comprehensive authentication platform.”