Payments Journal: The Digital App Evolution

July 31, 2017 — Mastercard’s Buys in to AI with Brighterion

Robert Capps, VP at NuData Security, covers the impending digital app evolution in this guest Payments Journal article.

Banks are ramping up their mobile applications to meet consumer demand for change – or fail. It is the creation of a whole new environment where convenience is king, features demanded, and transactions are instantaneous. What is also creeping into this consciousness is an entirely new way of looking at security.

In this evolving banking environment, consumers are paying about 2.2 billion dollars to cover bills annually through their mobile app or their bank website. Of the 87 percent of mobile banking customers that use alerts and notifications for fraud, deposits made, and low balances, almost 71 percent of them have taken action as the result of a mobile banking alert. A consumer study commissioned by Arxan, a security software company, found that although the vast majority consumers (86%) thought that their banks were doing as much as possible to protect their apps, 41 percent of those consumers also expected those apps will be hacked.

For the complete article, go here.