| Wachovia, SunTrust adopt mobile banking
Customers of Wachovia and SunTrust banks are now able to view account information, pay bills, check balances and transfer funds using their cellular telephone handsets. The "mobile banking" platform was announced this week by AT&T, which is working with Firethorn Holdings LLC and its partner CheckFree Corp. to offer the service. "The ability to perform banking functions using a wireless handset is attractive for people who need to make financial decisions on the go -- business travelers, college students and anyone who desires the flexibility that wireless delivers," Mark Collins, vice president, Consumer Data, for AT&T's wireless division, said in a statement. The mobile banking application can be downloaded on more than 30 of AT&T's handsets, the company said.
Wachovia adds mobile-banking service
Wachovia Corp. will launch an online banking system via cell phones that allows customers to view account balances, transfer funds and pay bills. The mobile-banking application will be pre-loaded on future AT&T Inc. handsets beginning this year. All wireless transactions will be encrypted. Customers will need an AT&T wireless data plan to access the mobile-banking service. According to Celent, a research and consulting firm, about 46 million households bank online. By 2010, 17 million households will use mobile banking as an alternative online-banking source, Celent says. "The ability to perform banking functions using a wireless handset is attractive for people who need to make financial decisions on the go -- business travelers, college students and anyone who desires the flexibility that wireless delivers," says Mark Collins, vice president of consumer data for AT&T's wireless unit.
ATM scam hits region
John Evans said he regularly checks his bank account online and found something quite odd Wednesday. According to his transaction list, he recently took money out of an ATM near Rockefeller Center. Just one problem: Neither Evans nor his wife has been anywhere near downtown Manhattan recently. Wachovia employees have told Evans he was probably the victim of something called ATM skimming. And he might not be alone. Skimming refers to someone stealing personal identification numbers and bank account information at ATM machines. It often involves some kind of device placed either on an ATM card slot or inside a machine that reads or hears information as a transaction happens, said Bob Bucceri, spokesman for the Electronic Funds Transfer Association. Also, a camera can be employed to watch potential victims enter their PINs.
AT&T Launches Mobile Banking Nationwide
AT&T Inc. (NYSE:T) today announced the launch of a comprehensive, easy-to-use mobile banking platform that will enable consumers to view account balances and history, transfer funds and pay bills from their AT&T mobile handsets. Through an innovative relationship, AT&T, Wachovia Corp. (NYSE:WB), SunTrust Banks Inc. (NYSE:STI) and mobile banking and payment enabler Firethorn Holdings LLC � and Firethorn�s strategic partner, CheckFree Corp. (Nasdaq: CKFR) � are providing a mobile banking solution that is accessible to millions of Wachovia and SunTrust customers. "The ability to perform banking functions using a wireless handset is attractive for people who need to make financial decisions on the go � business travelers, college students and anyone who desires the flexibility that wireless delivers,� said Mark Collins, vice president, Consumer Data, for AT&T�s wireless unit.
Bank of America Tops Large Banks in Combating Identity Fraud New Javelin Strategy & Research report shows top U.S. ...
Bank of America ranked the highest in identity fraud protection, detection and resolution, according to a Javelin Strategy & Research report released today. The study of the top 25 U.S. banks found that this year financial institutions showed strength in resolution practices, but vulnerability in prevention and detection. Javelin analysts recommend that banks provide more account monitoring tools to its customers and empower them to "watch and catch" identity fraud earlier. Bank of America earned 78 points out of a total possible score of 100. Tied in second place are JP Morgan Chase, Washington Mutual and Wells Fargo, each earning 70 points. Citibank ranked third with 69 points; BB&T and Wachovia earned the fourth and fifth highest scores. On the whole, 77 percent of the financial institutions met Javelin's recommended resolution criteria, but showed slower progress in detection and prevention measures.
Wachovia boosts online offerings for small biz
Wachovia Corp. is expanding its online product offerings to include electronic deposits and bad-check recovery. The Charlotte, N.C.-based bank -- Central Florida's third-largest financial institution -- says the service will provide small businesses with cash-management services comparable to those available to most large businesses. With online deposits, small business owners can scan paper checks from their desktops and electronically send the images to Wachovia for deposit. Wachovia says the Internet-based application eliminates the need for software installation. To qualify, customers must have been in business for at least one year and have a Wachovia deposit account. In addition, Wachovia (NYSE: WB) has hired Federal Automated Recovery Systems, a subsidiary of Infinity Business Group Inc., to manage the electronic re-presentment of checks that have been returned for insufficient funds.
AT&T, Wachovia launch mobile banking service
AT&T Inc. and Wachovia Corp. joined forces to launch an online banking system via cell phones that allows customers to view account balances, transfer funds and pay bills. According to Celent, a research and consulting firm, about 46 million households currently bank online. By 2010, 17 million households will use mobile banking as an alternative online banking source. "The ability to perform banking functions using a wireless handset is attractive for people who need to make financial decisions on the go - business travelers, college students and anyone who desires the flexibility that wireless delivers," said Mark Collins, vice president, Consumer Data, for AT&T's wireless unit. Mississippi-based BancorpSouth, which has a presence in the Birmingham market, also offers mobile banking through AT&T.
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