Customer onboarding is too costly and slow, concludes report

Customer onboarding is too costly and slow, concludes report – IBS Intelligence

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"Business onboarding, it concluded, is predominantly a manual, paper-based process, which is costly for the bank and slow for the customer, with new regulations, such as AMLD5, only adding complexity. The average time to onboard a business banking customer has increased to 32 days, with the total cost of KYC processes forecasted to increase by nearly 20%."

From "Customer onboarding is too costly and slow, concludes report – IBS Intelligence".

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Websec Canada: Launching replay attacks against the Wells Fargo Wallet service

xxx This white paper is a shortened version of the actual research. Unfortunately, the exploitation bug is not fixed yet. The company was notified and informed about the issue. However, the bug is not fixable (at the moment). From Websec Canada: Launching replay attacks against the Wells Fargo Wallet service . xxx

We could fix mobile security, you know. We don't, but we could

Earlier in the week I blogged about mobile banking security , and I said that in design terms it is best to assume that the internet is in the hands of your enemies. In case you think I was exaggerating… The thieves also provided “free” wireless connections in public places to secretly mine users’ personal information. From Gone in minutes: Chinese cybertheft gangs mine smartphones for bank card data | South China Morning Post Personally, I always use an SSL VPN when connected by wifi (even at home!) but I doubt that most people would ever go to this trouble or take the time to configure a VPN and such like. Anyway, the point is that the internet isn’t secure. And actually SMS isn’t much better, which is why it shouldn’t really be used for securing anything as important as home banking. The report also described how gangs stole mobile security codes – which banks automatically send to card holders’ registered mobile phones to verify online transactions – by using either a Trojan...

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