Does your bank have a security policy governing data storage and access for mobile devices? A vast majority of bank network security managers report that their organizations do not. Because of this, a significant data security risk has been developing at U.S. financial institutions as more and more bank employees are using smart phones and mobile devices in their jobs. This rapid growth in the usage of mobile devices has persisted often without the approval or knowledge of the bank’s security personnel.

Over half of U.S. Fortune 500 financial services firms, retailers and consumer brands have adopted one or more forms of email authentication technology, according to a report by the Authentication and Online Trust Alliance (AOTA).

Mobile banking is growing at a feverish pace to emerge as a powerful "right here, right now" channel for banks to connect with their retail and business customers, as well as reach new customer segments. Mobile banking is already a strategic business and technology priority for the top U.S. banks. While these major players have the financial and technical resources to make a strategic commitment to the mobile channel, most mid-tier and small banks are innovation and/or cost-challenged on this front. New research from TowerGroup finds that core banking technology vendors have a big role to play in helping mid-tier and small institutions take advantage of this emerging channel that will soon be a cost of doing business.

In the face of growing Internet-based fraud, money is rapidly becoming ‘no object’ for the banking community. After all, we protect plenty more than dollars and cents. We’re protecting identities, for if we don’t, our customers will surely leave us!