Monthly Archive for July, 2010

ING Direct Launches Enhanced iPhone, Blackberry App

Wilmington, Del.-based ING Direct USA has launched an enhanced mobile application for iPhone and Blackberry, allowing a number of new functions for customers of the nation’s largest direct bank who use those devices.

The upgraded mobile app now allows customers to transfer money, pay bills, pay people and check account balances. The ING Direct iPhone app also has a “flip for fun” feature that connects to the bank’s social media efforts.

“More and more Americans rely on their smartphones for everyday tasks and responsibilities,” said Arkadi Kuhlmann, President and CEO of ING DIRECT USA. “If we can help them save their time and money by paying a bill or transferring money while at the beach or a barbecue, then it’s a win-win for everyone.”

ING Direct is promoting its new mobile app with customers through a photo and video contest and YouTube video campaign.

Bookmark and Share
July 30, 2010 | Adoption, Competition, Industry and MarketWatch | Closed

Scotiabank Launches Mobile Banking in the BVI

Customers can easily check balances, transfer funds and pay bills on-the-go with mobile banking

Scotiabank launched today their Mobile Banking service in the British Virgin Islands. Customers can now easily check their balance, transfer funds and pay bills from the convenience of their mobile phone.

“We are thrilled to offer this innovative service. It allows our customers to manage one part of their busy lives with the touch of a button, from wherever they are,” said Joycelyn Murraine, Managing Director Scotiabank (British Virgin Islands) Limited. “With Scotia Mobile Banking, our customers will be able to do their day-to-day banking quickly, efficiently and securely from their phones.” “One of the features our customers value most is the ease of use. They don’t have to go through complex registration processes nor have to memorize codes. It’s as easy as going to www.scotiamobile.com in their phones and start using it, Ms. Murraine added.”

Scotiabank´s introduction of mobile banking further demonstrates its commitment to offer innovative, convenient and secure banking solutions for customers. All mobile banking transactions are safe and secure because Scotia Mobile Banking operates on the same advanced security platform as Scotia OnLine Banking.

Bookmark and Share
July 30, 2010 | Adoption, Competition, Industry and MarketWatch | Closed

Ironkey looks to secure mobile, business banking

IDG News Service – Cybercriminals are increasingly looking at business rather than consumer accounts to hack as banks scramble to shore up their defenses, according to an executive from vendor IronKey.

Consumer banking has been hit hard by hackers, but some banks — such as those in the U.K. — have implemented stronger security controls. But business banking systems — used to transfer much larger sums of money — are targeted more frequently, particularly in the U.S., said Dave Jevans, CEO of IronKey and founder of the Anti-Phishing Working Group.

“I think what happened is the retail side of the bank — the consumer side — has spent seven years building defenses, learning about it … and the wholesale side — the business banking — has done nothing,” Jevans said. “Now the wholesale side of the bank is under attack.”

Jevans talks with bank executives about his company’s product, the IronKey, a ruggedized flash storage drive and secure access device. There are a couple of banks in the U.K. that seem to be routinely probed by hackers and sophisticated malware, said Jevans, who declined to name the banks.

Bookmark and Share
July 30, 2010 | Industry, MarketWatch and Security-Fraud | Closed

Mobile Handsets are less secure than PC's according to Mobile Handsets are less secure than PC's according to Ovum

In a recent report produced by Finextra, the analyst house Ovum warns banks to consider the security risks associated with mobile phones. (Read here). The analyst, Graham Titterington, makes some valuable observations about the potential security breaches possible on mobile transactions and then recommend that banks should look at the problem holistically.

He conclude that banks should deploy “end-to-end encryption” techniques from the handset to the back-office systems at the bank. With the increase in computation capability of end-user devices, this is now possible. I cannot agree more.

A few points need to be made though:
Mobile banking is fundamentally more secure than Internet banking, because the underlying carrier is more secure. One should not loose sight of this.Encryption based on specific certificates and derived keys are possible with mobile devices because of a dedicated SIM card. This is the perfect way of distributing identity keys – alternatives in the Internet world is cumbersome. This should be utilised in encryption schemes – it is madness not to consider themThe encryption algorithms utilised in mobile telephony are already built and available on all handsets. (This is part of the handset license conditions.) Utilising these primitives in encryption schemes must be considered.

Bookmark and Share
July 30, 2010 | Adoption, Industry, MarketWatch and Security-Fraud | Closed

Obopay CEO Carol Realini Named Top Woman to Watch in Technology

Carol Realini, CEO and founder of Obopay, Inc., a pioneer in mobile payments, has been named to the inaugural AlwaysOn Top 25 Women in Technology to Watch for 2010 during its annual summit at Stanford, which opened Wednesday at the Frances C. Arrillaga Alumni Center at Stanford University in Palo Alto, CA. In addition, it was announced that AlwaysOn has selected Obopay as an AlwaysOn Global 250 winner for 2010.

“I am honored to be recognized by the AlwaysOn editorial team as one of its women to watch in technology and am delighted to be included among the technology pioneers and innovators on this list,” said Realini, who also provided the keynote address for the event.  ”To receive this honor on top of our company being named to the AlwaysOn Global 250, especially at a time when mobile money technology has reached a tipping point, makes this a doubly exciting night for us. These honors validate our efforts to expand mobile money around the globe, both for banked and unbanked customers, and our commitment to an ecosystem approach that meets the requirements of mobile money services not only in the U.S., but around the world.”

In its announcement of the Top 25 Women in Technology to Watch, AlwaysOn said the women named to the prestigious list were selected for their positions as pioneers involved in creating innovative technology companies and securing venture capital deals, creating jobs and strengthening the Global Silicon Valley marketplace.  Those chosen lead companies ranging in sizefrom startups to technology giants, and represent a myriad of technology spaces ranging from stalwarts, such as computer hardware and software, to progressive ones such as Web 2.0 and alternative energy.

“These women underscorethe critical role intelligence, perseverance, and tenacity play in new company and new job creation as well as providing sustainable environments where technology thrives,” said AlwaysOn Founder and EditorTony Perkins in the announcement of the list on the AlwaysOn web site. “Congratulations to this year’s winners who, together with the companies they work for and have founded, are proving that the way to provide long-term wealth and prosperity is through innovation.”

Bookmark and Share
July 30, 2010 | Competition and MarketWatch | Closed

USAA’s upcoming iPhone app puts the mobile device to work buying a mobile vehicleUSAA’s upcoming iPhone app puts the mobile device to work buying a mobile vehicle

One of the biggest obstacles facing mobile banking is that consumers frequently don’t “get it.” It’s not uncommon to hear them say, “I prefer to just wait until I’m home and can do it online.” That reaction is understandable because mobile banking 1.0 is basically a scaled-down, underdeveloped version of online banking. In order for the light bulbs to go on in consumer’s heads, what’s needed are innovations that are distinctly mobile and exploit the always-on, real-time power of a mobile device.

And that’s just what USAA has done with two spiffy, empowering new iPhone apps it will unveil Aug. 4. The Auto Circle and Home Circle apps are sleekly designed to make a big life event simpler – buying a car and buying a home – and to integrate loan and insurance services that customers might otherwise overlook.

I must admit I have soft spot for anyone who tries to make car-buying simpler. In my days as a personal finance reporter, I drew national headlines because auto dealers boycotted my newspaper after I wrote a primer that advised consumers how to arm themselves with information before heading to the car lot. Dealers are pros at negotiating car prices; the typical consumer is not and dreads haggling from a weak position.

USAA designed Auto Circle with that sense of dread in mind. (See a video demo.) The app – which should be available for Android phones in October – enables customers to walk onto the lot and learn:

Bookmark and Share
July 30, 2010 | Competition, Industry and MarketWatch | Closed
More Tweets »

Industry TweetWatch

Get the TweetWatch Copy widget and many other great free widgets at Widgetbox! Not seeing a widget? (More info)