frames to desktops, then laptops
to tablets, becoming more "per-
users of these devices today simply
access the Internet, social platforms,
email, and commonly used programs
via inexpensive "apps" which they can
select and install on their handheld
devices almost instantaneously.
changed as well, maximizing this same
will be completed, provided ...
tion enters the associate's phone, the
seller and buyer complete the sale,
the associate swipes the customer's
credit card on the same phone, and
emails the receipt to the customer.
The sale is finalized, and the customer
and virtual receipt.
detailed the ease with which new apps
will create opportunity for the commis-
sion of financial crimes. In particular,
three apps due out this summer cause
me concern regarding the potential for
new financial crime.
users to click (or touch) two phones
together to transfer funds from one
phone to another. As demonstrated,
one smartphone user prepares a
transfer on his or her smartphone,
while the second user accesses his or
her bank account. The users click (or
touch) their phones together, and the
funds transfer from the first user's
account to the other user's account.
engineer robbers' techniques, who
could now stalk an individual, demand
her phone, touch phones together
(moving the funds into a fictitiously
created account), and abscond with
the victim's phone? While the victim
tries to seek assistance from law
enforcement, the perpetrator could
transfer the funds back out of the
account, or simply withdraw the funds
via an ATM or other method in real
time, likely before police even arrive for
the initial complaint.
to snap a picture of a check to be
deposited, transfer the picture to their
bank, and receive funds into their
account, just as if they took the physi-
cal check to their bank and manually
and counterfeit checks. Will this new
app make it even easier for an individ-