Real-time banking alerts and app protection

The Commonwealth Bank has launched a new real-time alerts function for its business banking users to help small businesses and other customers cut back on time spent managing finances.

The bank will send alerts to customers with business transaction accounts, providing instant notifications of key movements — such as incoming payments, or accounts reaching low or high balances.

Alerts can be configured to be sent via SMS, email or CommBank app notifications, and can be managed via online banking service NetBank.

The company said its research shows that Australian SMB decision makers are spending nearly an hour per day — or more than 10 days each year — managing their accounts, and believe that up to 40% of this time could be saved with automated financial alerts.

Westpac, IBM hold first Payments Hackathon

Westpac and IBM held a hackathon last week with the goal of developing innovative and disruptive solutions to real-world customer payment challenges.

Employees from across Westpac’s business and technology areas teamed up with IBM industry, development and design experts at Westpac’s design innovation centre the Hive for the companies’ first Payments Hackathon.

The winning idea was a prototype financial management portal for customers with complex needs, which is designed to automate processes and eliminate the need for paperwork.

Other projects included a smart scanner to collate financial management data; a bill splitter application to improve cost sharing for millennials; and a real-time account balance program to streamline daily payments.

Trend Micro adds more fake bank app protection

Trend Micro has launched the latest version of its Mobile Security suite for Android and iOS devices, incorporating more protection against fake online banking, financial and shopping apps.

The latest version includes an enhanced malware scanner to provide an additional layer of protection against fake banking apps.

Both the Android and iOS versions also use the Smart Protection Network, which powers all Trend Micro security offerings, to help safeguard against viruses, malicious apps and fraudulent websites.

Trend Micro asserted it had identified more than 7.1 million threats on the Android platform alone during the first half of 2015, demonstrating that smart device security is becoming essential for all smartphone users.

Image courtesy of Salil S under CC