Digital banking security is one of those topics that is close to our hearts, so where better to start with our first public blog post!
Earlier this year Joe Stanganelli, lawyer and author on Information Week's Bank System and Technology site (banktech.com) wrote an article on '4 Hot Mobile Banking Security Developments', discussing, in particular, the rise of biometric security in the world of digital banking.
Fingerprint, voice and eye (retina scanning) security are not exactly new ideas - just ask Maxwell Smart and Agent 99 - but the fourth development presented by Stanganelli, PFM security, is one that caught our eye (pardon the pun).
PFM (personal financial management) security is one of the newest ways of thinking when it comes to protecting customers and banks online; and as Stanganelli notes, it has evolved from a fairly boring niche area to a far more responsive technology for those putting it to a broader use, such as Simple and MoneyMobile:
"PFM apps were traditionally boring and difficult for financial institutions to make work for their bottom lines. Then, MoneyDesktop, a Utah-based PFM vendor, began attracting a lot of attention a few years ago with its sleek PFM app for iOS, MoneyMobile. In addition to keeping track of personal finances, MoneyMobile allows customers to easily verify purchases with joint account holders keeping bank call centers clear of frivolous inquiries. ("Honey, what's this $2,000 charge from Bloomingdale's?")
Simple, another PFM app, offers this same feature with the added capability of taking and sending pictures of their purchases if needed for future clarification or memory refreshment. Additionally, Simple allows customers to protect their accounts by blocking a missing debit card (and unblocking it later if the customer eventually finds the missing card) again, saving call center resources. Finally, Simple offers a "Safe-to-Spend" feature that tells customers if they can afford a particular item helping to avoid those $35 overdraft fees that cost banks good will".
To find out more check out the original post at http://ubm.io/1z5tKts