Easy Access: Cybercrime concerns grow as banks and their customers embrace mobile banking

Forget Bonnie and Clyde. Today’s bank robbers don’t need masks or guns or getaway cars. Today’s criminals relax in remote locations, where they generate sophisticated software that compromises the security of financial institutions and allows them to remove large sums of money at their convenience.

“The threat of cybercrime is getting bigger and bigger every day,” said Mike Thorell, president and CEO of Pinnacle Bank and chairman of the Arizona Bankers Association. “Even the smallest banks, who never thought they would move into the mobile space as quickly as they have, know that mobile banking is necessary to attract new customers, but it’s also introduced a whole new level of risk.”

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