How mobile payment systems dodge the hackers

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When it comes to innovation in financial services, mobile payment systems are one of the big game changers. More and more customers are banking digitally.

"The same security measures we employ for PC-based web browsers apply equally to our mobile and digital banking applications."
Craig Sims, Chief operating officer, ANZ NZ

Demand for mobile payment services across the industry is surging and ANZ, along with the rest of the sector, expect to see a lot more growth in the future. The chart above, showing interest in ANZ's goMoney mobile banking app, reflects this. 

But along with this near insatiable demand for IT solutions there are increased security concerns. Just consider the furore of over online security at the moment.

Digital channels and devices continue to evolve at a rapid pace and so too do the criminal elements that seek to exploit these systems and defraud banking customers.

These groups and individuals are both highly organised and specialised. That means the industry must invest heavily in technical detective and defensive capabilities to mitigate their effects.

At ANZ, we are vigilant. The same security measures we employ for PC-based web browsers apply equally to our mobile and digital banking applications.

We look for both anomalies in the individual consumer sessions within our digital channels and the transaction characteristics. This way, we can identify and flag unusual behaviour in real time and place additional controls in place if necessary.

These capabilities ensure that, while we are protecting a customer, we don't impact their banking experience while we do so.

At ANZ, we seek to inform and educate our customers through our website and via our branch staff on effective security practises.

In this way, we assist customers not only in ensuring their digital transactions are secure but also by driving public awareness of mobile payment security issues. This can help protect banking customers across all of their digital interactions.

And most importantly, this education of customers is just as critical for security as investments made by the sector in increasing and expanding its technical capabilities.

This is an edited version of comments made by Craig Sims as part of a panel session at an FST Media event in Auckland on September 17.

The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.

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