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Fake identity fraud is growing, due to the plentiful array of consumer account and card data available in the wake of massive data breaches. It's a crime banks find almost impossible to detect and deter.
January 27 -
In a new detailed report, the Federal Reserve laid out four options for upgrading the creaky U.S. payment system. The study raised questions about how far the Fed can, and should, go to bring about change.
January 26 -
While banks almost universally offer mobile services, such as smartphone apps or mobile-friendly websites, their customers have been slow to use them, according to an American Banker/SourceMedia Research white paper.
October 29
A new study says Americans are getting hooked on mobile banking.
The study, conducted in September by the Charlotte-based technology consulting firm Carlisle & Gallagher Consulting Group, says that 55% of Americans access their accounts through mobile banking options (including laptops, tablets and smartphones) two to three times per week; 26% said they bank using mobile devices four or more times per week. Carlisle & Gallagher surveyed 1,005 U.S. consumers online and conducted phone interviews with financial services executives at major companies.
"An ever-increasing consumer demand for instant gratification is seeping into every facet of our lives, including how we bank," Byl Cameron, the consulting firm's digital practice lead, said in a press release.
About 84% of consumers use personal computers for banking; 52% of respondents said they use mobile phones.
Depositing checks via mobile devices especially gained in popularity. A little over 60% of users of smartphones and so-called "phablets," think larger-screened phones like the iPhone 6 Plus, reported using remote check deposit.
Ease of use, ease of payments, and better features were reasons mobile banking appealed to respondents. Security didn't weigh heavily on the minds of most, as only 17% said they were less likely to use mobile banking features as a result.
The largest group of respondents 47% fell into the 35-50 age demographic as well as higher income brackets than the average American, with 57% of those polled responding that their household income is between $100,000 and $250,000.
