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Mobile Banking Poses Money Laundering, Security Risks
By Brian Orsak
printAs more financial institutions roll out mobile banking programs to extend their online services, they may be generating fresh opportunities for identity thieves, money launderers and financiers of terrorism, say privacy lawyers and data security consultants. In the past two months, Citibank, Bank of America and Barclays introduced programs that let customers conduct tasks such as transfer balances and pay bills using cell phones. Banks adding the services are competing to serve more than 59 million online consumers, according to Pleasanton, Calif.-based Javelin Strategy & Research. But as mobile banking services proliferate, criminals will increasingly seek to exploit vulnerabilities in...
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