4 posts categorized "Banking"

March 17, 2014

Secure Text Banking? It’s All About Checks and Balances


SMS messaging provides one of the fastest, easiest ways for consumers to stay in touch with businesses. Banking is no exception. Virtually every major US bank now offers some form of text banking.

Text banking is proving popular with a small number of customers who like to stay on top of the finances – and like the fact they don’t need an internet connection to do it. Nonetheless, as many as 51% of cell phone users think mobile banking is not secure, and the number of bank customers who prefer using cell phones to view balances and transactions stood at around 8% in 2012, when the most recent ABA figures were published. 

This reticence to engage with text banking is understandable. Fears about sending account details via text messages are not unfounded. And even just using text as one part of mobile marketing tactics that make no specific reference to an account will make some customers jittery. When it comes to personal finances, some people will always prefer the real-world transactions they’re used to.

For people more concerned about convenience than worst-case scenario cyber-fraud, SMS messaging is one of the best things to happen to banking. Apart from the improved customer service texting can offer, it’s also – whatever detractors tell you – potentially far more secure than other typed of banking. 

In response to security concerns, most banks have recently designed a whole host of precautions enabling them to minimize fraud and identity theft. Customers are now assigned a PIN they must enter to begin any particular SMS messaging session, as well as nicknames for account numbers.

Leading the way in providing greater security for text banking is Wells Fargo, who were the first bank to make the service available to all customers, even those not enrolled in online banking. Their research indicated customers want to check their balances while on the move, so they implemented a number of codes that customers could text to perform certain transactions. ‘BAL ALL’ lets customers check their balance.  ‘ACT’ tells them if a check is deposited. ‘ATM’ points them to the nearest cash machine.

The bank does not send account numbers or passwords, and their Online Security Guarantee promises 100% insurance if unauthorized activity is reported within 60 days.

Other banks have gone further. Both USAA and BOFA allow customers to deposit checks using an iPhone. Not everyone will be comfortable performing such high level transactions remotely. But for those who want that choice, SMS messaging and mobile banking is making life a whole lot easier.

July 21, 2009

Visa Europe Testing SMS Transaction Alerts

If you're a Visa cardholder in Europe you'll soon be able to have an alert sent to your phone whenever you make a purchase. While this could become very annoying, it could also be a great way to find out, immediately, if you're card was stolen:

“With Visa’s mobile alert service, we want to offer cardholders the reassurance of knowing, in real-time, exactly where and when their card is being used. If something looks suspicious, this will give them the power to put a stop to any fraud taking place on their cards.”

Read more @ IntoMobile.

July 13, 2009

Place Buy & Sell Orders On The Nairobi Stock Exchange Via SMS

"Place Buy & Sell Orders On The Nairobi Stock Exchange Via SMS" Sounds like an email scam, doesn't it? Well, it's not. Kenya's stock exchange has just taken a big leap forward:

The Nairobi Stock Exchange continued its technology advance with the introduction of buy and sell orders via mobile phones. Last week, Standard Investment Bank introduced a Short Message Service (SMS) for its clients to place orders.
James Wangunyu, Executive Chairman of the bank, said the EasyHisa mobile product offers convenient services and comes in response to the call from the Capital Markets Authority to embrace technology.

The Central Depository and Settlement Corporation, which offers custody services, also has an SMS update for investors interested in tracking their shares and following their performance. Several market stakeholders offer online services for placing and executing sale and buy orders from clients, but many retail investors apparently do not have easy Internet access.

Standard Investment Bank assures clients that the SMS service is secure and they provide confirmation within the hour. Trading at the NSE has grown over time and moved from open outcry to a successful automated trading system in 2006, according to a report on afrigrow.com.

Read it @ Africa News

April 18, 2008

Mobile Banking To Jump To 37 Billion In 2011

OnlineMediaDaily reports on an interesting prediction:

Mobile banking transactions worldwide will jump to 37 billion in 2011 from 2.7 billion in 2007, according to a new report by Juniper Research.

A growing variety of mobile financial services including funds transfers, bill payment and account management will help to drive the increase in transactions. Improved security safeguards will also be crucial to the rise of m-banking's expansion.

Read more @ OnlineMediaDaily.