Mobile Commerce

Partnership Set To Boost Mobile Banking Security

Malauzai Software announced earlier this week that it partnered with Boston-based Trusteer, to provide an integrated solution that is being used by Customers Bancorp, Inc. to strengthen the security of its mobile banking application.

According to a Trusteer press release, the solution provides end users with an additional layer of security by integrating Trusteer’s Mobile SDK security solution into Malauzai’s SmartApps.

Customers Bancorp will use a risk score determined through the banking app to ensure secure mobile transactions. Trusteer further explained that users will be required to pass stronger step-up authentication. Once they have logged in, the bank can use the risk score to restrict access to specific data or functionality and delay approval of specific transactions.

“Consumers are relying on their mobile devices more and more, which increases the need for these devices to be secured strongly against cyber threats and online fraud,” Yaron Dycian, Executive VP of Products, Services, and Security at Trusteer, said in a statement. “Malauzai is demonstrating its strong dedication to community banking institutions and their customers by partnering with Trusteer to further enhance the security of SmartApps by enhancing their fraud detection and prevention tools.”

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About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.

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