Showing the growing importance — and subsequent threat — of mobile devices in financial services, online security company iOvation announced that 12 percent of all financial services transactions it protects are now coming from mobile devices like iPhones, iPads, Android and BlackBerry devices. That number is up from only 2 percent just a year ago.
Using a method that combines risk analysis with a "device reputation" monitoring, iOvation protects online businesses by flagging potential fraud. E-commerce sites, social networks and financial institutions can access iOvation's database in real time to determine whether a transaction is safe. The company claims to flag more than 150,000 fraudulent transaction attempts every day.
And that means about 18,000 of those fraudulent transactions are coming from mobile users.
"From iOvation's global device view, we see firsthand proof that mobile banking is gaining traction. While financial institutions are in a race to offer consumers more mobile services, many leap before considering how to secure those transactions," said Greg Pierson, iOvation's CEO and co-founder.
Pierson said iOvation wants to help industry professionals determine their mobile security and risk management strategy so they can protect themselves before they offer new mobile tools.
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