Mobile Banking Forum: Security is No. 1

Security, Emerging Tech Key Topics of BITS, FSTC Event
With so much buzz about mobile banking and mobile payments, BITS is hosting a two-day event to address security concerns for the industry and consumers.As new services and payments options continue to emerge for the mobile channel, financial institutions can expect new guidance from regulators regarding mobile transactions. And that guidance will likely come within the next year. The Financial Services Roundtable, in its effort to help the industry gain a better understanding of mobile and the security concerns and challenges surrounding this emerging channel, is taking a closer look at mobile technology. This week, BITS and the Financial Services Technology Consortium, two divisions of The Financial Services Roundtable, are hosting a forum in Arlington, Va., that will examine mobile technology and security.

The two-day event will include presentations from a variety of industry sources, including payments providers, mobile carriers, regulators and bankers. Paul Smocer, president of the FSTC, says the event is the first of its kind to be spearheaded by The Financial Services Roundtable. But Smocer adds, "The timing is right for this forum to occur now."

During this interview, Smocer discusses:

  • Key mobile technologies and mobile security concerns to be addressed;
  • Why The Financial Services Roundtable wanted the forum to include a diverse range of mobile perspectives;
  • The impact the industry can likely expect the newly created Consumer Financial Protection Bureau to have on guidance passed down for securing mobile transactions.

Smocer is the president of the FSTC, the technology solutions division of The Financial Services Roundtable. Smocer oversees FSTC projects, ensuring collaboration between the financial-services industry and the IT vendor/service provider community. Smocer joined BITS as vice president of the Security Program in 2008. He previously served as the chief information security officer and manager of Mellon Financial Corp.'s Technology Assurance Services Division, where he was responsible for information security and technology-risk management. Smocer began his career at Mellon in 1974, when he joined Mellon's Information Technology Audit group. He worked in that group until 1978, when he left to join another Pittsburgh-based institution. In April 1997, Smocer returned to Mellon as a division manager in the Audit and Risk Review Department.

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