Many of us remember when online banking first launched and consumers were saying, “Are you crazy, I’m not managing my money on the Internet. I’m still getting lost in an AOL chat room.” Even more of us remember when mobile banking first came about — once we got used to the Internet — and still we said, “Are you crazy, I’m not managing my finances from my cell phone I’m still figuring out the five ringtone settings and pushing the ‘T-U-V’ button three times just to get the the letter ‘V’.” And shortly thereafter, once we got used to mobile banking, mobile remote deposit capture technology came into our lives and we, along with banks and credit unions, were saying, “Are you crazy, I’m not taking a picture of a check with my Galaxy iPhone 5s HTC Windows Nexus LG smartphone and praying to God that it magically appears in my account tomorrow. Ain’t no way, man.”
But here we are today: We absolutely, positively cannot live without this stuff. And for the most part, it’s pretty darn secure — especially RDC, as many thought this technology would be rife with fraud. But after nearly a decade, it’s next to nothing. I, for one, remember banks and credit unions appreciating the advent of this technology but scared silly that it would be a fraudster’s nirvana. Nope.
So what gives?continue reading »