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A Mobile Wake-Up Call

NEW YORK–Financial institutions offering mobile payment services must “wake up” to the threat of malware viruses or risk having to play catch-up with criminals, according to a report from independent technology analysis firm Ovum. The report urges FIs to work with mobile network operators and handset vendors to improve security. In addition, they should plan for living with malware and always assume the possibility of an attack.

“Mobile banking is inherently vulnerable,” said Graham Titterington, principal analyst and report co-author. “Mobile devices may be lost, stolen or hacked and are used in situations that are inherently less secure than sitting in an office or at a home computer. Mobile networks may be intercepted either by breaking the wireless encryption mechanism or by hacking into the wired backbone of the network where encryption is not mandatory under telecommunications standards. IT malware that compromises back-end servers, but is harmless in the wireless environment, may be passed through the mobile banking interface.”

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Economy’s Hit Is Mixed

SAN FRANCISCO–The economy is being blamed for a decline in smart phone adoption in 2010 to 74% from 85% in 2009–even as the use of apps has increased. The study from Javelin Strategy, “2010 Mobile Banking Behaviors: Fewer Handsets in the U.S., yet Smartphone Growth Exceeds Expectations,” found that 23 million consumers cancelled their contracts because it was a luxury. But the study found that millions of other consumers had an opposite response as smart phone adoption soared 7% from a year ago. Android adoption, which still dwarfs that of the iPhone, is growing at an astronomical rate, the company said.

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Collections Suite Offered

MURRIETA, Calif.–CUTEK has released a new, scalable collections solutions package it says is compatible with any core processor, boasts a robust queuing system and powerful searching features.

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DI Teams Up With Andera

CALABASAS, Calif.–Digital Insight announced it has entered into a strategic relationship with Andera to provide Andera’s online account opening and funding solutions to its client FIs.

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